Tenami Capital Announces Strategic Revenue-Based Investment In Golden Scent
Date
8/8/2023 10:30:53 AM
(MENAFN- Mid-East.Info) Golden Scent's sales have more than tripled since 2019 and is targeting an attractive USD 17.5 billion market opportunity in fragrances and beauty in the MENA region. Golden Scent will leverage Tenami's expertise, network, and capital to cement its position as the Middle East's largest specialised e-commerce platform for fragrances and beauty products.
Dubai, United Arab Emirates– Tenami Capital, a DIFC-based revenue-based investment firm, announced today the closing of its largest investment to date in Golden Scent, the market-leading e-commerce platform for fragrance and beauty products in the MENA region. The specific deal value remains undisclosed.
Led by co-founders Malik Al Shehab and Ronny Froehlich, Golden Scent was founded in September 2014 as a pure fragrances e-commerce platform serving the GCC region. The company has since expanded to become the market leader in online fragrances in the MENA region, with operations and warehouses in the KSA and UAE and delivering to over 80 countries worldwide.
With over 2 million shoppers, millions of visitors monthly, and 7 million downloads since its launch; Golden Scent has powered its way to a leadership position in Saudi Arabia and the GCC's e-commerce shopping space and it is now poised for breakaway growth for the coming 3 years. Golden Scent's ongoing success has been strengthened by its highly engaged customers, due to the high level of brand trust and loyalty; in addition to Golden Scent harboring over 20,000 fragrances from over 1000 brands, being the world's biggest library of Arabic, Niche, and international perfumes. Over 100 of those are Saudi-born, Arabic fragrance brands. The company constantly aims to maintain its position as the preferred shopping destination for all fragrance and beauty lovers.
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