Run2Sport and Madfoo3at secure $3 Million through Oasis500’s Angel Network, eye regional and global expansion
Run2Sport is the first online sports apparel shop in the Middle East and has secured USD $2.5 million from Souq.com, a Jabbar Internet Group company. Madfoo3atCom on the other hand, an e-payment service company that enables consumer to pay and see their bills online using e-banking channel provided by their own banks, secured $529,000 from private investors Dr. Izz Eddin Katkhuda, Suleiman Al-Assaf and Ranwa Halasa, in addition to 2PCompany and Oasis500’s investment arm OV1.
CEO of Souq.com Ronaldo Mouchawar expressed his excitement about the deal and pointed out the increased demand for online shopping for sports apparel in the past few years.
Chairman and CEO at Jabbar Internet Group Samih Toukan on his part expressed his delight with the deal and explained that the investment will go toward expanding Run2Sport’s operations “within this year,” starting with the Gulf region and later to the global market. “The expansion will first target the countries in which Souq.com is already operational, including the UAE, Saudia Arabia, Egypt and Kuwait.”
Similarly, Madfoo3atCom Founder Nasser Saleh highlighted Madfoo3at’s plans for the future. “Madfoo3atCom is targeting to become the national e-bills and e-payments switch for Jordan which will simplify the payers daily life and (…) build a state-of-the-art electronic payment services and expand it from Jordan to the MENA region.”
Saudi Arabian investor Suleiman Al-Assaf hinted at the potential of Madfoo3at‘s e-payment service for the Saudi market, “It is a time-saving concept that facilitates daily operations,” eliminating the inconvenience of paying bills directly to billers, “an issue faced by most consumers across the Kingdom” he concluded.
Published by https://www.arabnet.me on February 07, 2012.