UAE’s ServiceMarket raises $4m

UAE online home services start-up Servicemarket.com has closed a $4m funding round.

The company said existing investor and venture capital firm AddVenture and associate of Dubai’s Emaar Properties, Emaar Industries and Investments, led the round.

It previously secured seed and angel investments in 2013 and 2015 and $3m in a Series A funding round in 2016, bringing its total raised to date to $8m.

ServiceMarket, an online marketplace for home services with a footprint in eight Middle East cities, was founded in 2013. The company said it had more than 150,000 customers over the last year and $30m in sales revenue.

“This investment will allow us to offer an even wider range of services to our customers, further establishing ServiceMarket as a one-stop home services platform,” said founder Bana Shomali.

“We will also be investing in our customer experience to ensure we retain our competitive edge in that area. We will also continue to build out our technology platform not only because it underpins the strength of our business, but also because it has revolutionised the way customers can now book services online.”

The company said the Gulf Cooperation Council home services market was worth around $20bn annually and less than 1 per cent of services were booked online.

It plans further expansion in the wider Middle East and North Africa.