Investments

Saudi-based Golden Scent raises investment for its perfume and cosmetics ecommerce platform

Saudi perfume and cosmetics ecommerce platform Golden Scent has closed a new round of investment, the startup announced today, without disclosing the size of investment. The startup had earlier raised its Series A investment a little over a year ago in a round led by Saudi Aramco’s Wa’ed, Entrepreneur Venture and EquiTrust and joined by Wamda Capital and Raed Ventures. Golden Scent had not disclosed the size of that investment that as well.

This latest round also came from the previous investors, Golden Scent in a statement.

Founded in 2014 by Malik Al-Shehab & Ronny Froehlich, Golden Scent claims to be the leading Saudi beauty ecommerce platform and sells over 10,000 perfumes and beauty products from more than 300 brands, on their website and mobile apps. The startup according to their website, currently, ships products to Saudi, UAE, and Kuwait, offering free delivery on orders of 300 Saudi Riyal or above in Saudi.

Golden Scent plans to use the investment to expand its operational capabilities and further develop its mobile applications that are used by over two million in the region.

Khaled Talhouni, Managing Partner with Wamda Capital, commented, “Golden Scent has emerged as the leading perfume and cosmetics online retailer in the region driven by superior customer experience. We strongly believe that this category still has very significant room for growth and this latest investment is representative of our continued support for Malik and Ronny in executing against their vision.”

Wa’ed CEO Khalil Al-Shafei, said, “We are very excited to see one of our investee companies achieve outstanding growth in such a short time. This second round of investment is a strong indication of Golden Scent’s place in the market, and we have great confidence in Golden Scent’s CEO and management’s ability to sustain long-term growth. They will inspire other startups and SME’s to diversify their offerings and help fortify the Kingdom’s economy in coming years.”

Earlier this week, a Beirut-based beauty ecommerce startup, Feel22, had also announced the closing of their Series A round, without disclosing the size of investment.

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