Prime Ventures invests USD10 million in MarkaVIP

MarkaVIP, an online fashion retailer based in Jordan

which specializes in discounted clothing, has attracted US$10 million investment from ("series B" investment) in a deal led by the European venture firm Prime Ventures.

"It's a $10m, series B round. The money is in the bank," said Mr Al Khatib, who launched MarkaVIP in November 2010. The private retail sales club offers online discounted clothing from brands such as Calvin Klein, Marc Jacobs and Ralph Lauren.

"We will use the money to further expand our operation and increase our market share in the region, as well as launch new countries," advanced Al Khatib. The retailer already ships goods to the GCC, Jordan and Lebanon. Ahmed Al Khatib, the founder and chief executive of MarkaVIP, said it was aiming to expand to Egypt.

The firm has 270 employees and has opened hubs or offices in Jeddah, Madrid and Los Angeles. The $10m investment was led by the Netherlands investment firm Prime Ventures, with participation from Hummingbird Ventures, based in Antwerp, along with existing investors Invus Financial Advisors and Lumia Capital, which are both based in the United States.