UAE’s KBBO fund, which specializes in investing in innovative start-ups, has just injected $ 2.7 million into the development of the Yaoota e-commerce search engine. Sherif El-Rakabawy, its founder, said the investment will be used to expand its customer base around the world next year, particularly to Saudi Arabia and the United Arab Emirates.
“We are satisfied with the investment received because it is large enough to execute the company’s strategy for this period. We are looking to launch advertising campaigns through social media to attract as many users as possible, “said El-Rakabawy.
Created in the middle of last year, Yaoota is the first Arab search engine dedicated to the facilitation of electronic commerce. Since its creation, the number of monthly users has increased fivefold to today cross the 100,000 user mark.
Deploring the quality of internet services in Egypt, the founder of the search engine reveals that the IT infrastructure sector requires large investments. According to him, better IT infrastructures would be a major asset for the implementation of its strategy in the country.
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