MarkaVIP Secures $10 Million As The Middle East Takes Off

Online private sales burst onto the scene a few years ago in the shape of Vente Privee in Europe and, later, Gilt in the US. It's a model we all know and love - and it's rapidly proving a model with which emerging economies are, well, rather obsessed. I was just recently in Istanbul where you can almost throw a stone and be sure of hiting a private sales startup entrepreneur. And from there, and across the Middle East and North Africa (known as MENA), online businesses are growing like weeds. And some investors know it. Thus today MarkaVIP, a runaway private sales success story in the Middle East has completed a $10 million Series B funding led by European venture firm Prime Ventures. It's joined by participation from New York City-based Invus Financial Advisors (IFA), Antwerp-based Hummingbird Ventures, and San Francisco-based Lumia Capital.

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