Opontia, a Dubai-based company that acquires and expands e-commerce companies, has raised $20 million in debt and equity.
The company is particularly interested in brands with a monthly revenue of at least $10,000 and a monthly net profit of at least $5,000. Among the types of products they are interested in are less seasonal “all-weather” products such as kitchen, bathroom, sports, home and lifestyle, cosmetics and toys.
When small e-commerce companies emerge, their founders are often enthusiastic about their products and customers.
Most, however, reach a point of stagnation due to the limits of working capital, operations, logistics, and e-commerce business management, through no fault of their own.
“We founded Opontia to help e-commerce companies achieve the full potential of their brands,” said Philip Johnston, CEO of Opontia. We want to do this for two reasons: to ensure a quick exit and to gain from future development. We also want to contribute to the development of the Middle East and African e-commerce business ecosystem.”
“The market in the Middle East and Africa is now less mature than in the West, but it is expanding faster than any other market in the world, with the number of sellers in the market expanding at more than 50% every year,” said Manfred Meyer, co-CEO of Opontia.
Opontia, founded in March 2021 by Philip Johnston and Manfred Meyer in Dubai and Riyadh, buys high-performing e-commerce companies in the UAE, Saudi Arabia, Kuwait and Bahrain. Cairo, Istanbul, and Lagos are among the cities where the company plans to open.
The funds raised will be used to support acquisitions and build these companies, with the remainder going toward expanding the company’s e-commerce staff.
