Doha-based e-commerce startup, Snoonu has raised $5m in a Series A investment round led by its strategic partner, Qatar Development Bank (QDB) along with the participation from multiple investors.
This investment is one of the largest Series A funding rounds closed by a Qatari startup and will enable Snoonu to rapidly expand its operations across the region.
In line with Snoonu’s mission to diversify and enhance its offering to become a comprehensive services app, the newly raised funds will be utilized mostly in R&D for new products, and to support Snoonu’s regional expansion plans.
Anticipated new products to be launched include SnooPay, Snoonu’s very own digital payment solution; Concierge – an in-app feature providing tailor-made services while leveraging the diversity of Snoonu’s merchants; in addition, Direct to Consumer (D2C) marketplace, offering the best prices and conditions to both consumers and merchants. In strengthening its positioning in Qatar and laying the grounds for its overseas expansion, Snoonu will further invest in its marketing activities and brand development, solidifying its goal in being the number one services app in the country and region.
Furthermore, Snoonu aims to support the country’s tech hub, encouraging innovation and boosting the tech economy. Co-founder and CEO of Snoonu, Hamad Al Hajri said, “We are pleased to close this round of funding with such an incredible result, and we are immensely grateful to our investors and to our strategic partner QDB for believing in our potential and supporting our growth”. “While outstanding delivery services remain at the heart of our mission, we realize the power of converging multiple services to become a super-app, driving the region forward through innovation and technology, which is our ultimate goal.
Through Snoonu, and along with our partners, we aim to become pioneers in growing the tech ecosystem in Qatar and across the MENA region,” he added. On Snoonu’s fruitful investment round and future growth, QDB’s Chief Executive Officer, Abdulaziz bin Nasser Al Khalifa said, “As Snoonu’s first institutional investor, we are proud to see more and more Qatari startups leveraging QDB’s all-embracing support ecosystem to power their vision, secure exceptional funding, and jumpstart their bold regional growth plans.
The scale that Hamad and the Snoonu team have achieved for the company thus far is quite remarkable, and we are excited to continue providing our strategic and structural support to foster the company’s growth and progressive ambitions.” Co-founder and CMO Sabina Abuova commented, “The support we received will enable us to further develop our product and our brand, in line with Snoonu’s customer-centric approach and commitment to innovate and improve the livelihoods of people in Qatar and across the region”. Snoonu is Qatar’s homegrown success story that aims to be the first local Unicorn company.
With over 100,000 users, Snoonu plans to expand and diversify its offering by adding new features and services to its platform, with a goal to enter international markets, including the Middle East.
Snoonu’s COO and founding team member at Careem Pakistan, Humza Abid Khan commented: “We are humbled to receive the support of our investors who are aligned with our vision.
With constant product improvement and operational excellence in mind, we will allocate the raised funds for further technological development, supporting Snoonu’s growth in Qatar and globally”. Engaged in building a resilient economy in Qatar, Snoonu has offered lower commissions to local vendors, supporting them in the difficult context of the pandemic and offering a seamless online shopping experience to keep the community safe.
Source: The Peninsula