Saudi-based e-commerce website Dokkan Afkar closes an impressive 19 million Saudi Riyal Series B funding round led by Business Incubators and Accelerators Company (BIAC). The round also included investment from existing investor Riyad TAQNIA Fund and several local investors.
Dokkan Afkar, which translates into “Shop of Ideas” was founded by Co-Founders Ammar Waganah and Mohamad Nasrallah. The e-commerce website sells a wide variety of innovative products both from global and homegrown brands in different categories of toys and games, fashion, gadgets, and more, which helps them put a strong focus on local talent and suppliers. Dokkan Afkar is not just present in its home country KSA but has also extended its reach to neighboring countries like Bahrain, UAE, Kuwait, and Oman.
With the newly raised investment, Dokkan Afkar aims to expand to the rest of the Middle East and focus on increasing its product inventory to attract a more extensive and more diverse customer base. With that growth, they will also use their funds to add additional creatives to their talent pool and offering employment opportunities to Saudi’s eager youth.
“We have learned a lot over the past six years – and have been progressing and moving from one success station to another,” said Ammar Waganah, co-founder and CEO of Dokkan Afkar. “We now look forward to moving towards our next phase of the business, expanding into the rest of the Arab region, followed by entering into a number of international markets.
On the investor side, Nawaf Al Sahhaf, CEO of the Business Incubators and Accelerators Company “The success of this latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector. The investment will offer Dokkan Afkar with an excellent opportunity to explore, develop, and expand its business and customer base in other target markets”.
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