Leading Online Liquidation Market Melltoo Expands Business to the Kingdom of Saudi Arabia (KSA) and Raises a New Round of Funding Co-led by Gobi Partners
ABU DHABI, SEPTEMBER 30 2019 — Melltoo, an online liquidation marketplace has announced the expansion to KSA as well as the closing of an undisclosed Pre-A round. The round was co-led by multinational venture capital firm Gobi Partners, who have also begun expanding into Gulf Cooperation Council (GCC) countries.
Founded in 2014, Melltoo is an online marketplace for liquidation and used items. The company allows third party sellers to list their items for sale. In addition, the platform enables e-commerce and corporates to liquidate their old retail stock and used company electronics. The company connects buyers and sellers while also handling logistics and order fulfillment.
“At Melltoo, our aim is to help people and companies sell their stuff in the most efficient and the easiest way possible,” said co-founder Morrad Irsane, who established the company with his long-time business partner and wife, Sharene Lee. Speaking on the company’s performance, Sharene said, “Since launching our liquidation service, we’ve grown transactions 300% and are on track to quadruple our GMV by the end of the year. We’ve increased the number of sellers 6x in the past 6 months and have onboarded over 30 e-commerce and corporate clients who liquidate through the platform.”
The company is now expanding their business to KSA, and will begin operating in Riyadh, where they are setting up a warehouse and hiring a local team. They will be using the funds raised from this round for this expansion effort, and will also be looking to greatly expand their current operations in the United Arab Emirates (UAE).
Gobi Partners, the co-lead investor in Melltoo’s latest round, stated their belief in the company’s business model: “We have seen similar startups in China and ASEAN that have achieved success with this strategy,” said Thomas G. Tsao, Chairman and Founding Partner of Gobi. “Furthermore, Melltoo as a TaqwaTech* company is catering their services to an underserved market and are solving the biggest issue most GCC e-commerce companies face on an annual basis. We are looking forward to seeing how their business will take off in the Kingdom.”
About Melltoo
Melltoo is the MENA region’s leading online liquidation marketplace. They connect buyers and sellers trading liquidated retail merchandise, used electronics and second-hand items.
The company was founded in 2014 and is based in Dubai Silicon Oasis. Melltoo is available as iOS and Android mobile apps.
Melltoo has been named one of the “Most Promising UAE Startups” in 2015 and 2016 by Forbes Magazine and won the “Mobile App of the Year” award in 2016 by Entrepreneur magazine. Most recently, Melltoo was awarded “Best Female-Led Startup” at the 2017 GITEX Supernova competition.
About Gobi Partners
Gobi Partners is one of the first venture capital firms with a regional presence across China, Japan, Pakistan, and ASEAN with over US$1.1 billion in assets under management (AUM). The firm, headquartered in Shanghai and Kuala Lumpur, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.
Founded in 2002, Gobi has raised 13 funds to date, invested in over 250 startups, and has grown to ten offices across Bangkok, Beijing, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, Shanghai, Singapore and Tokyo. For more information, please visit www.gobivc.com
