Chinese Ecommerce Platform Jollychic Raises $65 Million Investment from UAE Tech Giant G42 Group

Jollychic, a multi-national cross-border e-commerce platform serving the Middle East, has scored a $65 million investment from UAE tech giant G42 Group in a Series C funding round. In a statement, Jollychic revealed plans to use the fresh funds to support market localisation and segmentation, improve its logistics system, and develop third-party payment options.

According to a statement released earlier, G42 is the renowned investor behind various regional strategic the projects considered Jollychic’s potential and role in the Middle Eastern market and its vision of building an e-commerce-based internet ecosystem for the investment. Jollychic recently launched their payment platform under the name Jollypay, lately received relevant licenses and qualifications to operate in the UAE and Saudi Arabia. The recent investment will help Jollychic with its goal to maintain a “no cash society” and support the emerging ecommerce market in the Middle East.

Previously in 2018, the company initially secured investment in a series C round led by Sequoia Capital, with shareholders including Junlian Capital, Lanxin Asia, Pin An Ventures, Dachen Venture Capital, and others.