Awok, an e-commerce platform based in Dubai, has shut down only a year after raising $30 million from its first external round of financing to expand further regionally.
On its home page, Awok has announced that it has ceased operations after seven years in the business due to the current situation posed by the coronavirus disease (COVID-19) pandemic.
“After seven incredible years of saving money for our customers by creating regional business and a platform for our suppliers and sellers, we are sad to inform you that given the current global situation it left the company no other choice than to close its platform for good,” it read.
Awok, founded in 2013, is a platform that focused on low and middle income segments in the UAE and Saudi—offering products for as low as AED1.
“The ambition of the company was to bring choice and affordability to everyone in the MENA region by building infrastructure and platforms to enable businesses, but this ambition did not survive the current business environment to come to fruition,” the statement added.
The founder, Ulugbek Yuldashev, was able to keep the company afloat until April 2019, when he raised $30 million in what is considered one of the region’s biggest investment rounds for an e-commerce company—which was co-led by StonePine Ace and Al-Faisaliah Ventures.
“We are proud of the positive impact Awok has had on our customers, partners, suppliers and grateful to everyone who has been part of the journey. A special thanks is directed to the Awokers who have provided continuous support to Awok through all their hard work and dedication,” Awok’s statement further read.
