ByteDance Backs Dubai Startup iMile Delivery Building Logistics Chain to China - Bloomberg
TikTok parent ByteDance Ltd. has invested in Dubai-based iMile Delivery LLC as part of the first major fundraising by the courier startup that services Chinese online vendors, according to people familiar with the matter.
The company’s series A financing round, one of the Middle East’s largest by a female founder to date, raised $40 million and valued iMile at $350 million, according to a statement. ByteDance committed around $10 million at a lower valuation, the people said, asking not to be named because the information isn’t public.
Beijing-based ByteDance declined to comment. iMile wouldn’t disclose the names of investors or the amounts they have put into the company.
Consumer habits have shifted during coronavirus lockdowns that kept people at home and glued to their devices. Even before the pandemic, e-commerce activity has already taken off in the Middle East, where Amazon Inc. vies for dominance with its regional rival Noon.com.
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