The startup now oversees the largest investor network in the MENA region.
UAE-based investment platform VentureSouq has sold its stake in German-based Frontier Car Group, an online and offline used-car marketplace, to the OLX Group, part of Naspers’ classifieds business. Less than two years ago, VentureSouq, who invested into the group, has opted to sell its stake, making OLX now becoming the largest investor in the Frontier Car Group.
Established in 2013 and headquartered in Dubai with a team in KSA, VentureSouq now oversees the largest investor network in the MENA region. According to Crunchbase, the investment platform participated in Frontier Car Group’s Series B round in March 2018, when it raised $41 million.
“The first time we met the company, the potential was obvious,” says Tammer Qaddumi, partner at VentureSouq. “The team had proven they could execute, and we believed we could be a helpful shareholder for them. Over the span of our investment, they were able to execute multiple transformative moves and ultimately deliver a great outcome for their investors. We are thrilled to have been able to participate with them.”
OLX Group has recently injected $400 million into Frontier Car Group, which operates across 10 emerging markets including in The Americas and Africa, and offered all investors an opportunity to sell their equity stakes in the startup.
Image: Suneel Gokhale, Founder of VentureSouq.
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