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Movesouq.com is now ServiceMarket.com

Movesouq.com has announced it has rebranded to ServiceMarket.com. Bana Shomali, CEO of ServiceMarket.com commented: 'With Movesouq becoming the largest home services market in the UAE, offering over 25 household services, we had outgrown the Movesouq brand.' ServiceMarket.com has the ambition to become the go-to place within the GCC for all services you may need around home and car.

Today ServiceMarket.com offers a wide range of home services. Users can get quotes or book the service directly. It offers its services in Dubai, Abu Dhabi, Sharjah and Doha. Its most popular services include car insurance, cleaning services, international moving and relocation and handymen services. The full range of services can be found here.

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MoveSouq Recognized as One of the Most Promising UAE Startups

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Forbes Middle East recently recognized MoveSouq as one of the most promising startups in the Middle East. Launched in 2013, MoveSouq has grown aggressively to emerge as the leading online marketplace for moving, home services, and insurance in the region. Forbes shortlisted 50 startups and ranked MoveSouq as the 12th most promising startup in the region. 

Win Torfs and Bana Shomali, co-founders of MoveSouq, received the award at a ceremony organized by Forbes Middle East. At this annual ceremony, Forbes unveils the most promising startups that are not more than five years old and awards top entrepreneurs in the region. Most of these startups had raised more than $1 million of follow-on funding. MoveSouq recently closed a $3 million funding round.  

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MoveSouq Closes $3 Million Funding Round to Spur Growth in Wider Region

MoveSouq.com, the largest online home services marketplace in the UAE, today announced the successful close of a $3 million funding round at an undisclosed valuation. The funding round was led by AddVenture, an international venture capital (VC) company focused on service marketplaces.

Founded in 2013, MoveSouq.com is an online marketplace that connects users in UAE and Qatar to reputable moving, home services and insurance companies. Since inception, the company has grown multiple-fold each year in traffic and transactions. In the last year alone, MoveSouq has helped over 50,000 households in Dubai and Abu Dhabi find and book their services online with a professional home services company. This funding round represents its third, after their seed and angel rounds in 2013 and 2015.

MoveSouq was founded by Bana Shomali and Wim Torfs, both former consultants at McKinsey and Company. With this new funding, MoveSouq.com will strengthen its products and services, and expand its services to new cities in the Middle East. In addition, the investment will be used to build new verticals on the platform.  

“This investment will bring us closer to our ambition to become the leading choice for all families in the region who are looking for any kind of home service. The home services market in the region represents a significant untapped opportunity, estimated at USD 5bn per year in the GCC alone, and consumers are starting to buy these services online. We will utilize the new funding to aggressively go after this opportunity and maintain our first-mover advantage.” said MoveSouq.com CEO Bana Shomali.  

AddVenture is a sector-specific, international venture capital firm that invests into similar businesses around the world. Expressing his confidence in MoveSouq.com, Pavel Terentiev, Partner at AddVenture, said, “We are fascinated by the strong uptake in online platforms for local services in different parts of the world, from Australia to Latin America. The market for home and local services is a huge opportunity in absolute terms, and the penetration of online transactions in this market still lags to that within other segments like entertainment, travel, transportation or food consumption. We therefore believe MoveSouq.com provides fundamental value to its users, and has a proven business case. We are also very impressed with the rapid growth the team at MoveSouq.com has delivered so far, and that they have become the leader in the region’s online home services market in such a short time.”

Commenting on the investment by Addventure, Bana Shomali said: “The fact that international investors like Addventure are showing interest in the region is a great signal for Middle East-based startups. We’re very excited to be partnered with Addventure, as they bring unique expertise from working with similar platforms around the world, and a global network that will be extremely valuable to us as we continue to grow.”
 

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CarSwitch Recognised as the 3rd Best Place to Buy and Sell Cars in the UAE

An article published in The National recognized CarSwitch.com as the third best place for buying and selling almost new cars in the region. The author set out to explore and find resources that made it easier for people to navigate the process. He found out that online platforms like CarSwitch were quickly making their mark in the market. The article highlighted CarSwitch's first-of-its-kind 200 point inspection report, which makes it easier for buyers to make sure that the car is in a good condition. In addition, the process is completely transparent and all used cars come with a warranty.

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Glowfish Capital Launches Carswitch.com

Glowfish Capital today announced the launch of CarSwitch.com, a UAE-based premium online platform that has redefined the used car buying/selling process through its unmatched set of value added services. CarSwitch has an edge over other platforms because it manages the sales process from A to Z, making buying and selling a used car hassle-free. 

While traditional car classifieds sites list thousands of cars, buying and selling a used car is often a long, difficult and painful process. CarSwitch uses a very different approach. CarSwitch mechanics first visit the seller and do a 200 point inspection of the car. If the car meets the bar, it is published on the site with a warranty. The CarSwitch team manages the entire sales process, from viewing to transfer and registration. In addition, CarSwitch provides car finance and insurance. 

Ali Malik, co-founder of Glowfish Capital, commented 'We are confident this model will disrupt the local market as we have seen in other similar markets. CarSwitch's model is superior to any other existing model. It provides peace of mind to both buyers and sellers as well as better value when buying a used car.' 

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MoveSouq.com revamps website architecture

MoveSouq.com, the leading online marketplace for moving, home services, and insurance in the UAE and Qatar, has revamped its website architecture from the ground up to follow a city structure. The purpose of this development was to improve the overall SEO of the site.

The site is now divided by cities - Dubai, Abu Dhabi, Sharjah, and Doha - with all services listed under each geographical location. With this new structure, customers based in Dubai will only see information that is relevant to them. For example, a customer who is looking to move in Dubai will be directed to a page that gives them relevant tips for moving in Dubai, feature only moving companies that operate in Dubai, and promotions by Dubai movers.

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Glowfish invests in Pink Entropy

Glowfish Capital has announced further financial support for its digital agency Pink Entropy. The funding will provide Pink Entropy with the necessary working capital to grow its rapidly expanding team. Pink Entropy focuses on creative design, web development and performance based (social) marketing. Within its first year of existence, it boasts an impressive line-up of clients such as Lufthansa, Can-Am and Toshiba and a wide range of medium sized enterprises within the UAE, the wider GCC and Africa. More information can be found on www.pinkentropy.ae

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MoveSouq.com closes first round of funding

Movesouq.com announced today that it has closed its first round of funding. The company raised a total of 500k USD between different investors. In its first 6 months of existence, it has achieved an impressive line-up of partner companies, a steady top line growth with rapidly improving underlying economics. Movesouq.com will use the funding to further invest in building its online presence and adding new services and geographis to its offering. Movesouq provides UAE residents with an easy way to book moving companies, car shipping providers, storage companies etc. and is currently expanding into different household services. More info can be found on https://movesouq.com

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