Cobone.com acquired by Tiger Global Management
- United Arab Emirates: Wednesday, March 13 - 2013 at 11:02
- PRESS RELEASE
Cobone.com, the largest daily deal company in the Middle East, has been acquired by international investment firm Tiger Global Management, leaving the startup firm with additional capital to further its long-term commitments in the Middle East.
Cobone was founded in August 2010 by Kenny with backing from the Jabbar Internet Group, and quickly moved to become the Middle East's leading group buying site, and one of few daily deal sites to possess the potential to compete on a global level in a highly competitive market. Cobone.com is the largest deal site in the Middle East region, and has grown its registered user base to more than 2 million customers, who have thus far saved nearly $100m through the more than 1.5 million coupons sold.
"This deal represents a very exciting future for Cobone as it reaffirms its commitment to the Middle Eastern market and e-commerce industry," said Paul Kenny. "Tiger Global gives us the international clout and the financial resources to expand regionally and surpass already high customer expectations. Loyal Cobone users can look forward to many exciting developments and innovative offerings in the very near future."
Samih Toukan, Chairman of Jabbar Internet Group, commented on the deal saying, "This deal represents the international recognition of a highly successful local business. With Paul Kenny, we created a company that lead the way in regional group buying, and took on global players on our own turf. While this deal represents a successful exit for the Jabbar Group, we have little doubt in Cobone's commitment to the region and in Paul's determination to continue excelling and leading his brainchild to new successes."
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