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 USD 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.
Check Out The New Martech Cube Podcast. For more such updates, follow us on Google News Martech News