MoveSouq.com, a Dubai-based home services startup, announced yesterday, September 21, that it had closed a $3m funding round led by venture capital company AddVenture at an undisclosed valuation. It is the company’s third funding, after its seed and angel rounds in 2013 and 2015 and the amount raised will be used to expand its services to new cities in the Middle East as well as to build new verticals on the platform, MoveSouq declared in a statement yesterday.
MoveSouq, founded in 2013, is an online marketplace connecting users in the UAE and Qatar to moving, home services and insurance through an extensive network of over 200 partners. In 2015, the company helped more than 50,000 households in Dubai and Abu Dhabi find and book their services online. MoveSouq has a presence in four cities in the Middle East currently and plans to expand in the MENA region and beyond.
AddVenture Venture Capital Fund is a Russia-based venture capital firm focusing on e-commerce, marketing, mobile, and internet sectors.
Dubai-based online startups see an enormous growth in funding in recent years as the regional e-commerce market booms rapidly. Very recently, another Dubai-based start-up, recording app Wrappup, also closed a seed funding round led by venture capital firm BECO Capital.