Kuwaiti E-commerce Fashion Startup Boutiqaat Doubles Value to $500 Million With Recent Investment

Kuwaiti fashion and beauty e-commerce startup, Boutiqaat, has raised an undisclosed amount of investment from a Gulf-based firm, further increasing its value to $500 Million. Founder and CEO of Boutiqaat, Abdulwahab Alessa confirmed the news to Kuwaiti publication Alrai, and by retweeting a series of tweets by other users confirming the news. The startup now joins the ranks of Careem, following its Uber acquisition, and Amazon’s Souq.com as one of the most valued e-Commerce and technology startups in the Middle East region.

Founded in 2015, Boutiqaat raised their initial investment of $45 Million from Boubyan Petrochemical Company, which since then has sold a part of its stake to the new investor in a different statement. It is unclear what the startup aims to do with this investment, but with its previous investment last year, Boutiqaat made clear of its intention to expand to Asia, Europe and the United States.

Through its website and mobile app, Boutiqaat sells over 30,000 beauty and fashion products from a variety of international brands. What makes the platform unique is how its built around well-known social media influencers from the region that have their own virtual boutique that they can add recommended products, allowing their followers and other customers to conveniently browse through their selections and buy whatever they like.