Wego, the largest online travel marketplace across the Middle East and North Africa (MENA) region, and MEVP, a leading venture capital firm focused on the region, today announced that MEVP invested in Wego, in exchange for an equity ownership.
Dubai-based investment bank Arqaam Capital helped facilitate this transaction.
MEVP is investing in Wego as part of the company’s latest equity round alongside MBC Group (Middle East Broadcasting Centre), which had announced an investment and strategic partnership with Wego in July.
MEVP will draw on its roots and heritage in MENA to reinforce and expand Wego’s regional footprint.
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Wego was founded in Singapore in 2005, but is now dual-headquartered in Dubai and Singapore after recording rapid growth across MENA.
Wego entered the region early by launching a fully localised experience just in time to meet the demand from a new generation of travellers wanting to shop for and book flights and hotels on their smartphones.
Wego quickly grew to become the most popular and trusted travel comparison service in the region with more than million monthly visits by collaborating with more than 700 local and global airlines, hotels and online travel agents.
“With Wego’s rapid MENA expansion we decided to seek out smart investors from the region who have deep experience and connections, and, in MEVP, we’ve definitely found that and more,” commented Ross Veitch, Wego CEO and Co-Founder.
Walid Hanna, MEVP Founder and CEO, added: “Online travel in MENA is a large vertical and continues to grow rapidly, aided by a shift in consumer behaviour from offline to online. Wego is capitalising on such favourable market dynamics and is already a leading travel brand that is highly recognised by travellers in the region, especially Saudi Arabia.