The company intends to use the funds to continue investing in expanding its gifting industries and relying more heavily on artificial intelligence and machine learning to enhance its customer experience and meet the needs of its ever-growing customer base in the region.
Floward will also use the funds to execute its merger and acquisition strategy as it plans to consolidate and invest in local brands that cater to various categories of its target giftware industries. In particular, Floward recently acquired Mubkhar in November 2022, the leading brand that defines authentic standards of perfumery in the GCC.
Floward Chairman and CEO Mr. Abdulaziz B. Al Loughani said, “We are proud to announce the successful completion of our investment round led by Aljazira Capital, Rainwater Partners and STV. We would like to thank you for your trust in our team, which has achieved remarkable results and has increased the company’s valuation by 3.8x since our last funding round a year and a half ago amid the challenging global investment climate. Our commitment to the region has produced 50 million flower stems in 2022, created more than 1,000 direct jobs and partnered with over 400 brands and local talent, creating some of the best brands on a global scale.
Additionally, we are honored to have been selected for the Saudi Unicorns Program and very much look forward to the next chapter of our journey. We would like to take this opportunity to thank our team members, customers, partners and local governments for their unwavering support and commitment to making Floward a leading player in the floral and gifting industry worldwide.”
Additionally, Rainwater Partners Chairman and CEO, Mr. Faisal AlRahbiny, and Aljazira Capital Chief Investment Officer, Mr. Marco Mauri, will join Floward’s Board of Directors, while Mr. Ahmad AlNaimi, General Partner of STV, will remain on the Board.
CEO and Managing Director of Aljazira Capital, Mr. Naif Almesned, said: “We are pleased to lead the Series C investment round and to support Floward in its commercial ambitions. We are confident in the team’s ability to lead the company successfully and successfully. The transaction underscores Aljazira Capital’s commitment to enabling local and regional business ventures that impact our society.”
Floward has raised $34.2 million through previous investment rounds, most recently raising $27.5 million in its STV-Impact46-led Series B investment round in June 2021.
About Floward:
Established in 2017, Floward is the MENA region’s preferred online flowers and gifts destination, offering a wide selection of fresh cut flowers and a variety of gifts for every occasion. Floward sources flowers from the best farmers and growers around the world, which are arranged by a team of florists and delivered to the customer via its last-mile delivery fleet.
www.floward.com
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