Kuwait-based Faith Capital has announced an investment of $8 million in JustClean, a Kuwaiti laundry startup it had acquired in 2017. All of the money is being injected by Faith Capital themselves without any external investors, a representative of the firm has told us.
The investment will be used for ongoing expansion of marketplace operations of JustClean across GCC in addition to expanding into B2B logistics and SaaS initiative, Faith Capital said in the statement.
Founded by a brother duo, Athbi Al-Enezi and Nouri Al-Enezi, in 2016, JustClean (previously known as Masbagti) is on-demand mobile marketplace that connects laundries with people who need their services, offering free pick-up and delivery. Started from Kuwait, they’re now available in Bahrain and UAE as well and have recently rolled out logistical support for marketplace vendors and a PoS and comprehensive laundry management software solution. The startup is also in process to roll out the full suite of these services in Qatar by the end of the year and launch the SaaS product in Saudi.
Athbi Al-Enezi, a Co-Founder of JustClean, commenting on the occasion, said, “JustClean has differentiated itself from regional competitors by offering technological solutions to problems faced not just by consumers, but by operators of laundry businesses as well. The user experience is of paramount importance to everyone in this market, however, we’ve seen most of our competitors completely neglect the B2B value chain. JustClean will cater to both B2B and B2C segments, and intends to ultimately be the solution provider of choice for cleaning business owners across the MENA region.”
Mohammed Jaffar, the CEO of Faith Capital who is also the CEO of JustClean, said, “As the first and only institutional investors in JustClean, Faith Capital is dedicated to succeeding in the GCC cleaning sector with the help of our expansive resources, including advisory team members with decades of combined experience in operating and scaling businesses in challenging competitive environments,” says . “Our past entrepreneurial experience in this region has left us well-equipped to scale JustClean regionally.”
Nouri Al-Enezi, Co-Founder of JustClean, added, “We have spent the last few months hiring additional resources for JustClean in a wide variety of positions from across the MENA region to ensure that we are well-positioned for success. It is with great pride that we say that JustClean is now home to one of the most sophisticated startup teams in the MENA ecosystem.”
Latest posts by Zubair Naeem Paracha (see all)
- Egypt’s Glamera raises six-figure investment to further expand its beauty services platform in Saudi - August 9, 2020
- Lebanese entrepreneur calls for Airbnb to waive its service fee for those affected by Beirut explosion - August 9, 2020
- Egyptian fintech ElGameya raises six-figure pre-seed to help people save money - August 6, 2020