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UAE Splashlight Studios raises $1 million Seed round from Eagle Ventures

Wamda

Press release:

Splashlight Studios, a young e-commerce digital solutions provider has raised Seed funding of $1 million from Eagle Ventures, a Dubai-based fund managed by Adit Mehta and Hitesh Ajmera. Backbay Advisors was the financial advisor to Splashlight Studios on the transaction. 

"The Seed fund is a great vote of confidence for Splashlight Studios and highlights the progress achieved since its launch in 2020. These funds will fuel our entry into KSA, which is a huge and exciting market for us after UAE. We've seen hockey-stick growth in e-commerce accelerated by COVID. The e-commerce revenue in the UAE alone is projected to touch $12 billion by 2025. Fashion as a segment sits in the middle of this growth. As more and more new and legacy brands go online in the Mena region, Splashlight Studios has a huge untapped market to expand into," said Kartik Jobanputra, Founder and CEO of Splashlight Studios LLC. 

"Due to COVID, demand for e-commerce offerings has witnessed substantial growth globally, especially in the past few months. Splashlight Studios is well-placed to cater to the demand originating in the Middle East as the e-commerce market matures in that region. We trust the business potential and plans to expand across borders," said Ashok Mittal, Partner, Backbay Advisors. 

November 28th 2021, 10:43 am
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