MoveSouq.com Closes $3 Million Funding Round
The online home services marketplace in the UAE, MoveSouq.com, recently announced the successful close of a $3 million funding round at an undisclosed valuation. The funding round was led by AddVenture, an international venture capital (VC) company focused on service marketplaces.
Founded in 2013, MoveSouq.com is an online marketplace that connects users in UAE and Qatar to reputable moving, home services and insurance companies. Before the creation of Movesouq.com, GCC residents often struggled to find a household service company that meet their needs.
Most service companies operating in the market provide little information on price and quality of service. As a result, the simple task of picking a service provider can be time-consuming. They aim to take away the time and uncertainty from every customer.
Since inception, the company has grown multiple-fold each year in traffic and transactions. In the last year alone, MoveSouq has helped over 50,000 households in Dubai and Abu Dhabi find and book their services online with a professional home services company.
This funding round represents its third, after their seed and angel rounds in 2013 and 2015.
With this new funding, MoveSouq.com will strengthen its products and services, and expand its services to new cities in the Middle East. In addition, the investment will be used to build new verticals on the platform.
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