Cobone.com, a Dubai based Group selling Start-up which works very similar to Groupon, has been acquired by a New York Investment firm Tiger Global Management. Cobone that offers Daily deals all over the Middle East, was founded by Paul Kenny back in 2010 and was funded by Jabbar Internet group.
Though the value of this acquisitions hasn’t been officially revealed, Techcrunch doubts it could be $40 million. This acquisition marks the exit of Jabbar Internet group from Cobone but the CEO Paul Kenny and CMO Warrick Godfrey will continue doing what they were doing already.
Speaking about the acquisition to Gulfnews, Godfrey said,
“When we met, our visions instantly aligned as our vision is much longer than three years and having Tiger backing Cobone for the long term was critical for the management team and our employees but also our partners as we will continue to invest into this region.”
Though this acquisition has nothing to do with the end consumer who only cares about the best deal that he can get, this new change in the funding company could bring more innovative solutions and expansion in business activities and lets hope it doesn’t disappoint the consumers.