Ecommerce firm Floward secures $156M in pre-IPO Series C funding
Floward will use the funds to expand its gifting verticals. It will also explore the application of AI and ML to enhance the customer experience.
, an online flower and gift delivery platform, has raised Series C funding worth $156 million ahead of its initial public offering. The round was led by Aljazira Capital, Rainwater Partners, and STV.
With this round, the total funding secured by the ecommerce platform since its start in 2017 totalled $190.2 million, as per a press release shared by Wamda. The company announced the fundraise at the ongoing LEAP 2023 tech conference.
It operates in 36 cities in nine countries across the MENA and the UK, at present.
Abdulaziz B. Al Loughani, Chairman and CEO of Floward | Faisal AlRahbiny, Chairman and CEO of Rainwater Partners
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It aims to use the raised capital to further expand its gifting verticals. Additionally, it will also explore the application of artificial intelligence (AI) and machine learning (ML) to enhance the customer experience and cater to the growing demand in the region.
The funds will also be used in setting its mergers and acquisitions strategy. The company is aiming to consolidate and invest in homegrown brands focused on categories of its sought-after gifting verticals.
Floward acquired Kuwait-based Mubkhar, a perfumery brand, in November 2022.
Faisal AlRahbiny, Chairman and CEO of Rainwater Partners, and Marco Mauri, Chief Investment Officer of Aljazira Capital, will be joining Floward's board of directors.
Through previous investment rounds, the company has raised a total of $34.2 million, with the latest being $27.5 million in a Series B round that was led by STV and Impact46 in 2021.
Technology event LEAP is taking place in Riyadh Front Expo Centre, Saudi Arabia. The four-day event started yesterday, February 6, and will continue until February 9.
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Edited by Kanishk Singh
