Middle East media group MBC invests in Asian OTA Wego
The MBC Group has invested USD 12 million in Wego as part of a strategic partnership to accelerate the growth of the online travel group across the Arabian Gulf.
The MBC Group has become an investor in Wego as part of a strategic partnership to accelerate the growth of the online travel group across the Arabian Gulf.
It is understood that the investment is valued at about USD 12 million.
As part of the agreement between the satellite broadcaster and the largest online travel marketplace in the region, MBC Group’s various digital platforms will promote Wego’s mobile apps and website throughout the year.
“We’re thrilled to welcome MBC Group as a strategic partner and excited by the opportunities to grow and develop the Wego brand, while leveraging MBC’s huge audiences as well as their considerable brand-building expertise,” said Ross Veitch, CEO & co-founder of Wego.
“As we incorporate more video-based editorial content and product merchandising to Wego’s online travel marketplace, there is obvious crossover potential between MBC’s programming and Wego’s online services. We look forward to exploring those opportunities together.”
Dubai-based investment bank Arqaam Capital helped to put the deal together.
Wego was founded in 2005 and is run between Dubai and Singapore.
Investors in the group include Tiger Global Management, Crescent Point Group and SquarePeg Capital.
Read Original Article