German online furniture platform Monoqi raises €15 million to expand in Saudi Arabia

Berlin-based Monoqi is a furniture platform that just raised €15 million from the Arab wealth management firm Al Jazeera Al Hadina. One-third of the investment is destined for a joint venture to be launched in Dubai and Riyadh.

Monoqi's website offers a hand-picked selection of furniture and home accessories. It's founder Simon Fabich sees great potential in expanding into the Saudi Arabian market, noting that the ecommerce in the country is growing very fast. The total online business in the region is expected to more than double to €20 billion between 2015 and 2020. In 2015, Monoqi reported sales of €23 million.

Last year the startup secured a loan of €3.25 million from the Davidson Technology Growth Debt Fund. Before that the company was financed by Business Angel Christophe Maire, Hasso Plattner Ventures and Condé Nast, among others.

Read more: Gruenderszene (German)

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