MEVP Invests in Online Travel Company Wego
Dubai-based leading VC firm MEVP announced that it has invested in Wego, the largest online travel company in the Middle East, in exchange for equity ownership alongside MBC Group, who announced an investment and strategic partnership with Wego in July.
Wego was founded in Singapore in 2005 but is now dual-headquartered in Dubai and Singapore after recording rapid growth across MENA. Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether from an airline or hotel direct, or with a third party aggregator website.
Wego entered the region early by launching a fully localized experience just in time to meet the demand from a new generation of travelers wanting to shop for and book flights and hotels on their smartphones. Wego quickly grew to become the most popular and trusted travel comparison service in the region with over 10 million monthly visits by collaborating with over 700 local and global airlines, hotels and online travel agents.
Walid Hanna, MEVP Founder and CEO, stated “online travel in MENA is a large vertical and continues to grow rapidly aided by a shift in consumer behavior from offline to online. Wego is capitalizing on such favorable market dynamics and is already a leading travel brand that is highly recognized by travelers in the region, especially Saudi Arabia. Wego has an exciting growth plan and with the support of MBC and MEVP, we believe it is well positioned to dominate the travel metasearch play in MENA.”