Tiger Global Management LLC boosted its investment in Dubai-based online retailer Souq.com during a fundraising round, two people with knowledge of the matter said.
The company raised $150 million and may seek more funding as part of plans to raise $300 million in a deal that would value the business at about $1 billion, the people said, asking not to be identified as the information is private. New York-based boutique Allen & Co. LLC advised Souq.com, they said.
The Dubai-based e-commerce business is seeking to capitalize on soaring private valuations and record fundraisings by venture capital firms. Home-sharing start-up Airbnb Inc. is in talks with investors to raise financing at a valuation of $24 billion, a person familiar with the matter told Bloomberg this month. United Arab Emirates-based Internet business iMENA Holdings is seeking $100 million from investors.
Souq.com and Tiger Global declined to comment. Allen & Co. didn’t respond to a phone call requesting comment.