Mobily Ventures, the venture capital arm of Etihad Etisalat (Mobily), has announced an investment in Dokkan Afkar, the e-commerce startup based in Jeddah.
Dokkan Afkar (Shop of ideas) was founded in June 2012 and commercially launched in June 2013. The e-commerce store, www.dokkanafkar.com, offers products targeting the youth in Saudi Arabia and it also promotes local suppliers.
Dr. Karl-Michael Henneking, chairman of the board of Mobily Ventures, said: "We expect the Saudi E-Commerce market to develop at a fast pace. With our investment in Dokkan Afkar, we demonstrate Mobily's strong commitment to finance and support young, talented Saudi entrepreneurs and contribute to the development of the local startup ecosystem."
"The backing and investment of Mobily Ventures is very strategic for our growth plans in 2015 and beyond. We are going to expand our business to become the creative hub for products in the GCC. With communities around the globe becoming increasingly web-orientated, Dokkan Afkar is a much-welcomed venture for customers in the region, helping them gain further access to the power of online retail shopping," commented Ammar Waganah, co-founder and CEO of Dokkan Afkar.
Besides Dokkan Afkar, Mobily Ventures has invested in Anghami, an Arab music-streaming service; in Easy Taxi Middle East, a mobile taxi application; and in Hellofood Middle East, a food online food delivery service.