SJIF Backs $ 24 Million Funding in Jordanian OpenSouq.com
the Jordanian Saudi Investment Fund (SJIF), a subsidiary of the Saudi sovereign wealth fund, was one of the main investors behind the $ 24 million funding raised by a Jordanian online classifieds platform.
OpenSooq.com was established in 2012 and enables consumers and small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region to buy and sell goods in a number of sectors, including real estate , automotive, electronics, furniture and fashion.
Besides SJIF, other major investors included New York-based investment firm FJ Labs and iMENA Group, a venture capital firm based in Dubai and Amman.
Omar Alwir, CEO of SJIF, said: “SJIF is delighted to lead this round of investment driven by its belief that investing in promising Jordanian technology companies that are on the cusp of transformational growth, such as OpenSooq, supports Jordan’s position as a technological innovation and operational hub for local and regional technology companies.
“Our investment in OpenSooq is an example of a combination of commercial viability and development potential in Jordan. Through our patient and long-term investment approach, we aim to bring value to OpenSooq and the communities in which it operates, and also to help create jobs for Jordanian talent.
OpenSooq has 65 million consumers and businesses using its platform, and the total value of items sold by users is approximately $ 30 billion per year. It operates in 19 geographic areas, while its main markets are Jordan, Saudi Arabia, Oman, Kuwait, Iraq, Egypt and Libya.
Adey Salamin, co-founder and CEO of OpenSooq, said: “Every 13 seconds an item is sold on OpenSooq. Our local team has built a platform that tens of millions of users and SMBs rely on to interact with buyers or sellers, with features and reliability that puts us among the best small platforms. announcements to the world.
He noted that the company would use the new funding to hire an additional 400 people in Jordan and develop its product.
SJIF was established in 2017 and is 90% owned by the Saudi Arabia Public Investment Fund, with the remaining 10% held by 16 Jordanian banks.