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The $30m round was co-led by investment firm Shorooq and Berlin-based Cherry Ventures. The company has now raised $72m to date and operates across the Middle East and globally in markets such as Singapore, Hong Kong and Brazil. Qlub will use the fresh capital to enter new markets, strengthen its presence in existing ones and enhance its platform with advanced analytics.
The round comes as startups in the Middle East nearly doubled their fundraising in the first half of the year, defying a broader slowdown in emerging markets. Companies in the region secured about $1.35 billion in venture capital funding from January through June, led by Saudi Arabia and the UAE, according to data platform Magnitt.
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