A large portion of the new funding will go towards its proprietary technology platform to further enhance and scale the startup.
EMPG, a Dubai-based unicorn, has raised a $200 million investment round led by US-based growth equity fund Affinity Partners, alongside new funding from KCK, Acacia Partners, as well as several other investors including Prosus.
Founded in 2015 by Imran Ali Khan and Zeeshan Ali Khan, EMPG operates several online classified platforms such as Bayut, dubizzle, and OLX across emerging markets in the MENA region, as well as South and Southeast Asia.
“With this round of investment, EMPG begins a new chapter in its success story,” Imran Ali Khan, CEO of EMPG, tells StartupScene. “We are on track to double our revenue over the last 24 months while achieving an EBITDA positive position, and we look forward to continuing this strong growth trajectory. With the successful closure of this round the company’s focus will now turn towards preparing for an IPO in the near future, which has always been part of our larger vision.”
According to the startup, it is investing significantly in its technology infrastructure and has its own tech centres comprising over 500 engineers. As such, a large portion of the new funding will also be going towards its proprietary technology platform to further enhance and scale the startup.
In 2020, EMPG raised $150 million led by OLX Group and its existing shareholders.
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