In a series C+ funding round, UAE tech behemoth G42 Group has contributed US$65 million to Jollychic, a Chinese cross-border e-commerce platform targeting the Middle East.
According to a statement, Jollychic’s potential and position in the Middle East, as well as its goal of creating an e-commerce-based internet ecosystem, were taken into consideration for the investment by G42, which is behind a number of national strategic tech projects in the region.
According to Jollychic, the new money will be used to develop e-wallets and third-party payment options, enhance its logistics system, and broaden its segmentation. Additionally, the company’s localization efforts will be strengthened by the funding.
JollyPay, its payment platform, recently obtained the necessary licenses in the United Arab Emirates and Saudi Arabia for online payment services. The development will support Jollychic’s objective of creating a “no cash society” and e-commerce ecosystem in the Middle East.
The business raised money in a Series C round headed by Sequoia Capital in 2018. Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, and Zhejiang Huarui are among its investors.
