Industry Newsroom

Gobi Partners and Khwarizmi Ventures Lead Pre-Series A Investment in Melltoo

Venture capital fund managers Gobi Partners and Khwarizmi Ventures have led a pre-Series A investment in UAE-based online marketplace Melltoo. Other participants in the funding round include venture capital firm Shorooq Partners and angel investors such as Al Elm Company founder Dr. Khalid Al-Tawil. Khwarizmi Ventures is the corporate venture capital arm of Saudi Arabia-based Kadi Group. Melltoo allows individuals to sell used items and companies to sell used and unsold retail merchandise on its online marketplace and handles all associated logistics. The company will use the funds to expand in the UAE and Saudi Arabia. Financial details of the transaction were not disclosed.