UAE start-up Dukkantek secures $10 million in funding

A UAE-based technology start-up that supports retailers has raised $10 million in funding.

Dukkantek will use the money to expand and enter new markets.

The financing round was led by Dubai-based venture capitalist firm Beco Capital, alongside Rocketship, Colle Capital, Comma Capital, AMK Investment Office, Chaos Ventures and Wamda Capital.

Founded last January, Dukkantek gives retailers advanced in-store boxes with point-of-sales systems, which are accessible online from any location.

The platform’s cloud-based services help retailers predict business performance and manage their online presence.

Retailers can also evaluate value-added tax, generate reports, measure profit margins and monitor transactions and sales.

Altogether, Dukkantek has raised $15.2 million in funding, following a seed round of $5.2 million in October.

“We are pleased to have witnessed an exponential growth of our company as we provide a technological solution to small- and medium-enterprise businesses across the world,” said Sanad Yaghi, co-founder of Dukkantek.

“This second round of funding comes at the perfect time as we are looking to explore growth in additional markets, increase our team size and further advance our technology.”

The company’s success has come from offering small- and medium-sized enterprises technology services that are traditionally within easy reach for larger companies, said executives to Forbes.

“It’s very rare to come across a business and team that have been able to execute how Dukkantek has done so far,” said Abdulaziz Al Sagha, venture partner at Beco Capital.

“Launching in seven countries in 18 short months since founding is no easy feat, yet the Dukkantek team has managed to do it in such a seamless and capital-efficient manner.”

To date, Dukkantek has supported 13 million small- and medium-sized enterprises in the UAE, Saudi Arabia, Oman, Qatar, Kuwait, Bahrain and Turkey.

NewsStart-ups

RELATED POSTS