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The new funds will be used to launch the startup’s new merger and acquisition strategy of expanding its gifting verticals.
Floward, a Kuwait-based flowers and gift delivery platform, has raised $156 Million in a Series C funding round led by Aljazira Capital, Rainwater Partners, and STV.
Founded in 2017 by Abdulaziz Al Loughani, Floward is a platform for ordering flowers and a variety of gifts, which are delivered on the same day.
“We are proud to announce the successful closing of our investment round led by Aljazira Capital, Rainwater Partners, and STV,” Abdulaziz Al Loughani, Chairman and CEO of Floward, tells StartupScene. “We would like to extend our gratitude for their trust in our team who has achieved remarkable results and driven the company's valuation to grow by 3.8x since our last funding round a year and a half ago amid the challenging global investment climate. Furthermore, we are honored to have been selected for the Saudi Unicorns Program and are very excited for the next chapter of our journey."
The new funds will be used to launch the startup’s new merger and acquisition strategy, which consists of investing in local brands providing different gift categories. It also plans to invest in AI and machine learning to further enhance customer experience.
In November last year, Floward acquired Mubkhar, a leading perfume brand across the GCC.
Other gifting platforms in the region that recently received significant funding include Kuwait’s Teeela, raising $3.75 million and UAE’s Joi Gifts raising $1 million.
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