With an item sold every 13 seconds on OpenSooq, the company’s bid to consolidate its position in existing markets and enter new ones means it is poised for substantial reach.
Jordan-based online marketplace app, OpenSooq, has secured an impressive $24 million in a funding round led by regional and international investors, namely the Saudi Jordanian Investment Fund (SJIF), FJ Labs, and iMENA Group.
OpenSooq aims to connect consumers with various service providers in the categories of education, training, and home repair services. Simultaneously, it works to empower small and medium-sized enterprises (SMEs) in the MENA region to trade across all key economic sectors including real estate, electronics, furniture, and fashion.
Adey Salamin, Opensooq’s co-founder and CEO, provided a picture of the company’s reach, saying: “Every 13 seconds an item is sold on OpenSooq. Our local team built a platform that tens of millions of users and SMEs rely on to engage with buyers or sellers, with functionality and reliability that puts us among the top classifieds platforms globally.”
The newly acquired funds will be channelled towards expanding OpenSooq’s operational team and hiring an additional 400 people in both Jordan and the wider region. Essentially, the company will work to provide better and more streamlined services for its users, consolidate its leading market position within key markets as well as expand into new markets, and, finally, further develop its in-house built technology.