The company intends to use the new capital to continue strengthening its operations, progressively move to LIVE TV, expand its e-commerce and m-commerce presence and increase penetration in its 17 markets of operation in MENA.
Citruss TV offers customers its services through its 24-hour TV shopping channel and its e-commerce platform. Launched and co-founded in Dubai in 2005 by entrepreneurs Nicolas Bruylants and Michael Trueschler, the company has to date reached in excess of 300,000 customers across the region. Through its satellite channel broadcasting on Nilesat, the company is able to connect with the vast majority of the 350 million consumers in the MENA region.
“We have built a strong and profitable operation over the past nine years and are now ready for our next phase of accelerated growth. We are thrilled to welcome our new investment partners and look forward to leveraging the breadth of their strategic and financial support to help us achieve our goals,” says Trueschler.
“By offering their customers a variety of channels to learn about their innovative products and place their orders, Citruss TV is transforming the way consumers in the region are experiencing shopping from the comfort of their homes,” says Walid Zein, founder and managing partner of Valoris Capital. “We look forward to supporting the company in its efforts to continuously enhance its customers’ experience and capitalize on the significant market opportunities in the region,” he adds.