The New Saudi Arabia

All news and information about the change in the new Saudi Arabia

Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Filter by Categories
Uncategorized

GII becomes single largest shareholder in Mumzworld

Spread the info

Time: October 03, 2018 

Fundraising represents the largest-ever women-led VC funding round in e-commerce in MENA

DUBAI-based Mumzworld.com, the Pioneer and leading e-commerce shopping destination for mothers in the MENA region, announced that it has successfully closed its Series B funding round with an additional investment from Gulf Islamic Investments (GII), a leading financial services firm in the UAE. This makes GII the single largest shareholder in Mumzworld. The fundraise represents the largest-ever women-led VC funding round in e-commerce in the MENA region. Delta Partners, a global TMT advisory and investment firm, advised on the transaction

Underpinned by strong investor appetite, the raise, follows investments from Tamer Group, Wamda Capital and Swicorp, together with 6 additional investors earlier this year, demonstrating strong confidence in the company’s aggressive growth trajectory, all the more impressive considering the economic slowdown in the region.

The financing will be used to disrupt the massive, rapidly growing, and under-served e-commerce market in KSA, where the company’s existing strategic partnerships with key supply chain players enable it to offer a seamless customer experience, in a market with high barriers to entry. It will also be used to boost automation and launch vertical specific consumer offerings as part of the company’s innovation agenda to elevate the consumer experience even further. Last but not least, it will be used to continue to grow the brand’s footprint as the go-to destination for all global baby brands, who want to reach mothers in the Region, and further anchor the brand’s leadership in the vertical e-commerce space.

Founded in 2011 by Mona Ataya, Mumzworld has undergone tremendous growth since its inception. With over 200,000 products of which 25,000 are exclusive, Mumzworld services over 2 million mothers, and ships to 20 countries in MENA. The company’s sales have grown 15x in the last 5 years, and its employee base has tripled in the last year alone. It has also grown to considerable size and weight in the industry supply chain, so that it is now securing distribution rights and has become the go-to destination for global brands wanting to reach the ME consumer. Having already grown its offering to over 1800 brands, it expects to double this in the next 6 months.

Founder and CEO Mona Ataya said: “We are delighted to have yet another strong institutional investor in GII join the Mumzworld family at such a critical inflection point in the Company’s trajectory. GII brings a wealth of expertise and shares our vision of cementing Mumzworld’s position as the dominant leader in our vertical. At a time of economic slowdown in the region, supported by our strong team, we are extremely grateful and proud to have been able to raise our biggest round of funding, and to have the backing of the region’s strongest investors. We will use every dollar to serve, with excellence, mothers, who are at the heart of our customer-obsessed mission.”

Mohammed Al-Hassan, Co-Founder & CEO GCC, GII commented: “E-Commerce is the next frontier in the Middle East, and therefore we wanted to invest in this sector. We are proud to partner with Mumzworld, which has already become a household name in the region. We are particularly impressed by the company’s strong unit economics, high customer lifetime values, and large addressable market that keeps growing.” Pankaj Gupta, Co-Founder & CEO UAE, GII commented: “UAE serves as an e-commerce gateway to other markets in Middle East, with advanced technological infrastructure. Mumzworld, being UAE homegrown, will not only achieve further growth in the promising UAE market but also replicate its expertise, know-how, capabilities in the lucrative Saudi Arabia market and beyond.”

Khaled Talhouni Managing Partner of Wamda Capital said: “”We welcome GII to the investor roll at Mumzworld and believe that they will bring significant value-add to the company and the board as a long-term partner. Wamda Capital is passionate about the mother, baby and child vertical and we see it as quite underserved across MENA. From a customer demographic standpoint, it has the potential to be a very loyal customer base. The key to that is in delivering an optimal customer experience and Mumzworld has been excelling at that and will continue to do so.”

Karim Souid, Head of the Next Economy Initiative for Swicorp, said: “We are delighted by the additional funding by a reputable investor such as GII and we look forward to working with all stakeholders to build the dominant mother, baby and child brand in the MENA region.”

  

This article was first published in Saudi Gazette

If you want more interesting news or videos of this website click on this link Saudi Gazette Home

ru


Spread the info