UAE’s Online Liquidation Market Melltoo Raises Pre-Series A Round and Expands to Saudi Arabia
The startup will use the funds raised from this round to support their expansion efforts in the region.
Melltoo, a UAE-based online liquidation marketplace announces their successful expansion to KSA as well as the closing of a Pre-A round with an undisclosed amount. The round was co-led by multinational VC firm Gobi Partners, who have recently also started expanding into Gulf-based countries.
“At Melltoo, our aim is to help people and companies sell their stuff in the most efficient and the easiest way possible. Since launching our liquidation service, we’ve grown transactions 300% and are on track to quadruple our GMV by the end of the year. We’ve increased the number of sellers six times in the past six months and have on-boarded over 30 e-commerce and corporate clients who liquidate through the platform,’ says co-founder Morrad Irsane, who established the company with his long-time business partner and wife, Sharene Lee.
Established in 2014, Melltoo is an online marketplace for liquidation and used items. The company allows third-party sellers to list their items for sale, enabling e-commerce and corporate sellers to liquidate their old retail stock, as well as connecting buyers and sellers through handling logistics and order completion.
The company has led their expansion of their business to Saudi Arabia and will use the funds raised from this round to begin operations in Riyadh as they seek local talent and open up a warehouse to support their efforts, as well as greatly expanding their current operations in the United Arab Emirates.
“Meltoo, as a TaqwaTech company is catering their services to an underserved market and are solving the biggest issue most GCC e-commerce companies face on an annual basis. We are looking forward to seeing how their business will take off in the Kingdom,” says Thomas G. Tsao, Chairman and Founding Partner of Gobi Partners.
