Search in Mena, a Dubai based B2B marketplace originally raised equity on Eureeca in January of 2014. The company was recently acquired by Bechr Miri. It appears that as part of this purchase early shareholders were given the opportunity to sell their shares at a 150% profit – representing the first exit for users of the Eureeca platform. Eureeca stated that the “exit is significant for all those interested in investing in businesses on the platform as it demonstrates the effectiveness of the Eureeca’s equity crowdfunding model”.
Search in MENA, of which Dubai Silicon Oasis Authority is a 28% shareholder, is a B2B online marketplace that lists products, services and companies in the region and provides businesses with a way to increase their online presence and better reach their target audience.
“This is a resounding endorsement of the high-yielding returns that can potentially be generated by investing in businesses on the Eureeca platform, and it effectively addresses concerns around how people can get their capital out of investments in the equity crowdfunding space,” said Sam Quawasmi, Co-founder and Managing Director of Eureeca.
Commenting on the share buyback, Salim Akil, Founder of Search in MENA, said;
“We see enormous potential for the growth of our offering, as 85% of the region’s businesses are still not online. The very healthy returns that we were able to provide many of our shareholders are indicative of this potential starting to be reached for Search in MENA. We are confident we will continue to be able to deliver strong returns, as we look to build on our ambition to become the Alibaba of the Middle East.”
Eureeca was Founded in Dubai by former investment bankers. The platform recently received regulatory approval from the UK’s FCA, as it opens up cross-continent growth opportunities.
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