(MENAFN- Khaleej Times)
The company intends to utilise the funds to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning to elevate its customer experience and meet the demands of its ever-growing customer base in the region.
Floward will also use the funds to roll out its mergers and acquisitions strategy, as it plans to consolidate and invest in local brands that champion different categories of its target gifting verticals. Notably, Floward has recently acquired Mubkhar, the leading brand defining authentic standards of perfumery in the GCC, in November 2022.
Abdulaziz B. Al Loughani,Chairman and CEO of Floward, said: 'We are proud to announce the successful closing of our investment round led by Aljazira Capital, Rainwater Partners, and STV. We would like to extend our gratitude for their trust in our team, which has achieved remarkable results and driven the company's valuation to grow by 3.8 times since our last funding round a year and a half ago amid the challenging global investment climate. Our commitment to the region has delivered 50 million flower stems in 2022, created more than 1,000 direct jobs, and partnered with more than 400 brands and local talents who have produced some of the best brands on a global scale.
'Furthermore, we are honoured to have been selected for the Saudi Unicorns Programme and are very excited for the next chapter of our journey. We would like to take this opportunity to thank our team members, customers, partners, and regional governments for their unwavering support and dedication to making Floward a leading player in the flowers and gifts industry globally.'
Additionally, Faisal AlRahbiny, chairman and CEO of Rainwater Partners and Marco Mauri, chief investment officer of Aljazira Capital will join the board of directors of Floward, while Ahmad AlNaimi, general partner of STV, will continue being on the board.
Naif Almesned, CEO and managing director of Aljazira Capital, said: 'We are happy to lead the series C investment round and support Floward in their business ambitions. We are confident in the team's ability to lead the company to a successful and prosperous future. The transaction marks Aljazira Capital's commitment to enabling local and regional business ventures that make an impact on our society.'
Floward has raised $34.2 million through previous investment rounds, the latest of which was $27.5 million in its series B investment round led by STV and Impact46 in June 2021.
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