Souq.com, a Jabbar Internet Group Company acquires majority stakes in run2sport.com
Souq.com has recently invested $2.5 million in start-up Run2Sport (www.run2sport.com). The investment is a further endorsement of Souq.com’s position as the region’s leading eCommerce destination and of its pioneering role in the development of the online retail sector in the region.
Run2Sport is the first online platform for sports apparel in the Middle East. This new and unique website aims to cater to the demands of all sports lovers across the region by providing them with a wide variety of premium sports brands at competitive prices.
Speaking about the landmark investment, Ronaldo Mouchawar, CEO of Souq.com stated, “We are very excited to invest in Run2Sport; it’s led by a young team that is offering a great service and product selection. Run2sport can benefit from the customer base, technology and logistics infrastructure that Souq.com has in the region. Allowing it to expand and quickly become a regional player. Online shopping in the region is growing fast, and sports and sports apparel products is a category that has great potential.”
Run2Sport founder, Ali Al Asmar stated, “We could not have asked for a better partner to grow with. Souq.com is the pioneer of eCommerce in the region and we are delighted to go into partnership with them. Not only because of the opportunities it brings a young internet company like ours, but it will also help us raise the bar when it comes to the online shopping experience in the Middle East.”
Run2Sport was incubated by Oasis500 in Amman, Jordan. Oasis500 is one the region’s premier education and counselor driven seed investment programme. With Souq.com’s backing Run2Sport will have the marketing, technological and logistics support required to take it regional and obtain a critical mass in revenues within a shorter span of time than it would have taken if it were to grow organically.
Run2Sport was established by a group of sports and IT specialists to be the first online sports shop in the Middle East region. It provides a variety of high quality sports products and services at very competitive prices. The site not only offers an exceptional shopping experience through its state of the art and user-friendly interface, but also provides a simple one step checkout which caters to both novice and savvy Internet users.
Similar to Souq.com, Run2Sport supports several payment methods including Cash on Delivery as well as 24/7 customer service support and a professional delivery logistics system. With this investment Souq.com intends to make Run2Sport the go-to shopping destination for sports enthusiasts in the region.
Souq.com is part of the Jabbar Internet Group and is a pioneer in the consumer e-commerce sector in the Arab World. Established in late 2009, just after the acquisition of Maktoob.com by Yahoo, Jabbar already boasts an impressive portfolio of online brands, all leaders in their respective niches, and all-together generating the largest online consumer e-commerce volumes in the region. Jabbar currently employs over 300 people in various offices in UAE, Jordan, Saudi, Egypt and Kuwait.
Souq.com was established in 2005 to become the largest e-commerce site in the Arab world covering Saudi Arabia, UAE, Jordan and Egypt. Souq.com is the channel where thousands of buyers and sellers in the region meet on a daily basis to sell products over a trusted platform that offers both various local payment options and integrated delivery methods catered to the markets that they serve.
Jabbar Internet Group
Jabbar Internet Group operates Web sites. The company offers Arabic/English Web-based email service, as well as community services consist of email, discussion forums, news, blogs, chat, matrimonial services, games, mobile services, women content, and sports content.
It also provides Arabic search engine on the Internet; prepaid Internet payment services; and online market research services, as well as operates Arabic auction and online eCommerce marketplace. Jabbar Internet Group was formerly known as Maktoob Group and changed its name in November 2009.
The company was founded in 1998 and is based in Amman, Jordan with additional offices in Dubai, Saudi Arabia, Egypt, and Kuwait.
Companies under the Jabbar Internet Family include: Souq.com, Ikoo.com, CashU.com, Tahadi Games, Sukar.com, and Cobone.com.