Online travel marketplace Wego has picked up more investment, this time from Middle East Venture Partners (MEVP) in exchange for an equity ownership.
The equity stake and the financial terms of the deal were not disclosed by both companies.
MEVP is a leading venture capital firm in the Middle East with offices in Dubai and Beirut. It recently announced an investment by Mohamed Alabbar, founder & chairman of Emaar Properties.
This latest round for Wego follows the US$12 million investment from MBC Group (Middle East Broadcasting Centre) in July, which also saw the two companies forming a strategic partnership with Wego.
Walid Hanna: Online travel in MENA is a large vertical.
MEVP said it “will draw on its roots and heritage in MENA (Middle East and North Africa) region to reinforce and expand Wego’s regional footprint.”
Walid Hanna, MEVP founder and CEO, noted that online travel in MENA “is a large vertical” and is growing due to a shift in consumer behaviour from offline to online.
“Wego is capitalising on such favourable market dynamics,” adding that it “is highly recognised by travellers in the region, especially Saudi Arabia,” he added.
In welcoming the investment Ross Veitch, Wego CEO & co-founder (above in featured image) said his company would work with MEVP to develop its business across the MENA region.
Wego was founded in Singapore in 2005 and is now dual-headquartered in Singapore and Dubai. Its other investors include Crescent Point Group, Tiger Global Management and SquarePeg Capital.
• All images credit: Wego
