If Boutiqaat's ambitious investment plans are achieved, it would push the startup's valuation to $800-900 million, leading to many marking it as MENA's next Unicorn.
Kuwaiti one-stop (online) shop for all things beauty, Boutiqaat, is currently in talks with various, unnamed banks in order raise a huge investment of between $100-150 million, according to Reuters, following on from 2018's $50 million investment, which went on to double the startup valuation to a whopping $500 million. If this latest investment goes through, Reuters’ report predicts that the startup's valuation could increase to $800-900 million this year, leading some to believe that it could well become the Middle East's second Unicorn.
Founded by young entrepreneur, Abdelwahab Alessa, Boutiqaat houses over 25,000 products from over 700 global beauty brands, including the likes of Anastasia, Benefit, Make Up For Ever and Gigi Hadid, and boasts over 200 partnership with celebrities and social media influencers from across the region (who frequently select their favourite picks available on the site which shoppers can purchase). Boutiqaat TV screens makeup tutorials, and beauty tips and trends and the website currently delivers to Kuwait, Saudi Arabia, UAE, Qatar, Bahrain and Oman.
Sign up for the daily Startup Digest.