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The Draft: Opontia gets $42M to continue its e-commerce brand buying spree in the Middle East and Africa

The Draft is a weekly news series that brings you the most important tech news across key emerging markets in Africa, Asia, Eastern Europe, Latin America, and the Middle East from the Techloy News Team.
The Draft: Opontia gets $42M to continue its e-commerce brand buying spree in the Middle East and Africa
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Editor's Note: Welcome to The Draft, where we bring to you the top technology stories we are tracking across emerging markets every week. We'll be updating and keeping things fresh throughout the week here and via @techloy on Twitter. - Loy

UAE-based e-commerce enabler Opontia, which currently operates in Dubai, Poland, Turkey, and Saudi Arabia, has raised $42 million in a Series A funding round made up of both equity and debt.

The round was led by Saudi Telecom's venture arm, STV Capital, and will help the company expand into growth markets including Egypt, Nigeria, and Pakistan.

Launched in March 2021 - with a $20 million debt and equity round - the e-commerce group, which acquires and grows e-commerce brands, will be looking to use its latest funding to acquire small and maybe struggling e-commerce brands in the Middle East and Africa region.

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