Gobi-backed, TaqwaTech company says it is on track to quadruple volume by Q4

Online liquidation and used items marketplace Melltoo announced its expansion to Saudi Arabia with the closing of an undisclosed Pre-A round. The round was co-led by multinational venture capital firm Gobi Partners, who have also begun expanding into Gulf Cooperation Council (GCC) countries. The funds from this round will be used for setting up a warehouse and hiring a local team in Riyadh and gradually expand to UAE.

Melltoo allows third-party sellers and corporates to liquidate their old retail stock and used company electronics. They have on-boarded over 30 e-commerce and corporate clients who liquidate through the platform, while Melltoo handles logistics and order fulfillment. Founded in 2014 by Morrad Irsane and his long-time business partner and wife Sharene Lee; Melltoo’ transactions grew 300% since liquidation service was added.

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Thomas G. Tsao, Chairman and Founding Partner of Gobi said: “We have seen similar startups in China and ASEAN that have achieved success with this strategy,” said . “Melltoo as a TaqwaTech company (a vertical that targets innovative startups offering products and services that support the Muslim population) is catering their services to an underserved market and are solving the biggest issue most GCC e-commerce companies face on an annual basis.”

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Image credit: Haidan Soendawy on Unsplash

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