Saudi Arabia’s STV has led a $27.5 million Series B funding round for Floward, the rapidly expanding online flower and gift delivery company.
Kyiv. Ukraine. Ukraine Gate – June 28, 2021 – Entrepreneurs
The company said in a statement on Sunday that Impact 46 also participated in the funding round.
Founded in 2017 by founder and CEO Abdulaziz Al-Loghani, Floward offers exquisite fresh flowers along with gifts and products from local and international brands with same-day delivery.
“Since our launch four years ago, we have been on a clear and rapid growth path accelerated by the COVID-19 pandemic as e-commerce penetration has seen a massive rise over the past year,” said Al-Loughani. “These circumstances presented us with clear opportunities and accelerated our plans for growth in the MENA region and beyond, specifically in London, the UK – our first expansion outside the region.”
The venture capital boom in the Gulf is helping to fund a slew of start-ups focused on e-commerce and technology with Saudi Arabia emerging as a major source of funding for budding entrepreneurs across the region.
The company now operates in 20 cities across seven countries with a team of more than 450 days. It said its revenue for the first 100 days of 2021 has exceeded last year’s total.
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Source: Ukrgate
