collected by :Molly Tony
Dubai: MEVP, a regional VC firm, declared on Sunday which the fund had invested in Wego, an on-line travel marketplace, in interchange for an equity ownership.
Wego unlocked its regional headquarters in 2013, capitalising on a fresh generation of travellers wanting to shop for & book flights & hotels online.
Wego currently has over ten mn every month visits, & collaborates with over 700 native & universal airlines, hotels & on-line travel agents.
Walid Hanna, MEVP founder & CEO, told in a statement: “Online travel in Mena Information Systems a big vertical & continues to grow rapidly aided with a shift in user behaviour from offline to online.
Wego has an exciting development outline & with the backing of MBC & MEVP, we believe it Information Systems well positioned to dominate the travel metasearch play in Mena.”
MEVP invests in on-line travel search engine Wego
Middle East Venture Partners (MEVP), 1 of the largest Venture capital firms in the MENA region, has declared its investment in leading MENA on-line travel search engine, Wego, in a bargain which sees MEVP become an equity-holder in the business.
The investment follows Arab world Broadcasting Centre (MBC) Group’s July declaration which they have invested in a strategic copartnership with Wego as fraction of their latest equity round.
Wego Information Systems dual-headquartered in Dubai & Singapore & has quickly grown to become the region’s generality common on-line travel comparison service, with over ten mn visitors per 30 days & collaborations with further than 700 native & universal airlines, hotels & on-line travel agents.
Commenting on MEVP’s investment, MEVP Founder & chief executive officer Walid Hanna said: “Online travel in MENA Information Systems a big vertical & continues to grow rapidly, aided with a shift in user behaviour from offline to online.
Wego Information Systems capitalising on such favourable market dynamics & Information Systems endeed a leading travel brand which Information Systems highly recognised with travellers in the region, especially Saudi Arabia.
Alabbar-backed company purchases stake in on-line travel firm
as informed in The Arab world Venture Partners (MEVP), a technology-focused VC company that counts UAE-based billionaire Mohamed Alabbar as a shareholder, has made an investment in the on-line travel marketplace Wego in interchange for an equity stake in the company.
_____________________________Read moreAlabbar takes stake in regional VC fund_____________________________“Online travel in Mena Information Systems a big vertical & continues to grow rapidly aided with a shift in user behaviour from offline to online.
The company has localised offerings for travel comparison services & works with over 700 native & universal airlines, hotels & on-line travel agents, according to the statement.
MEVP, in that Mr Alabbar took a “large” stake for an undisclosed amount in probably this year, Information Systems 1 of the largest VC firms in the broader Mena region.
It currently manages 4 regional technology-focused VC funds with further than US$120 mn in assets under management & $100m in co-investments, spread across fourty portfolio companies across Mena & Turkey.