Kuwaiti start-up Floward, an online florist and gift-delivery business, has raised $27.5 million in a funding round led by Saudi Arabi's technology venture capital fund STV.
Saudi asset management firm Impact46 also participated in the Series B funding round, the start-up said on Sunday.
"We have been on a clear and rapid growth path that was further accelerated by the Covid-19 pandemic as e-commerce penetration saw a huge surge during the past year," said Floward chief executive Abdulaziz Al Loughani.
"These circumstances presented to us clear opportunities and accelerated our growth plans in the Mena region and beyond."
The Covid-19 pandemic has hastened a consumer shift to online shopping and food deliveries in the Middle East amid movement restrictions to curb the spread of the virus.
Set up in 2017, Floward is now a £21.64m ($30m) business.
Annual revenue grew by 1,400 per cent between January 2020 and 2021 – when the rest of the world was battling the economic fallout from the Covid-19 pandemic – and its transactions surged 1,200 per cent.
Revenue in the first 100 days of 2021 has already exceeded annual sales for the whole of 2020, putting the business on a "clear path to positive unit economics and profitability", said Mr Al Loughani.
Floward plans to use the proceeds from the Series B funding round to expand in the region after venturing into the UK last year, its first foray outside the Gulf.
While its UK operations are now mostly focused on London, it also plans to expand to other major cities across the country during the first quarter of 2022.
"We have a clear expansion strategy that follows our own set playbook, allowing us to swiftly and seamlessly expand to new markets with the aim to become a major global player in the flowers and gifts industry," said Mr Al Loughani.
Floward currently operates in 20 cities across seven countries and employs 450 people.
The online florist offers customers freshly cut flowers that are arranged locally and then delivered within hours.
Ahmad Al Naimi, a partner at STV, said Floward had shown an understanding of consumer trends, customer experience and the supply chain.
STV was an early investor in ride-hailing company Careem, which was later acquired by Uber for $3.1 billion. It has also backed Egypt's online healthcare start-up Vezeeta and UAE-based Trukker.
Start-ups in the Mena region secured $1.03bn in funding last year, up 13 per cent compared with 2019, according to data platform Magnitt.
E-commerce start-ups, along with FinTech companies, received the bulk of the money.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
CHATGPT%20ENTERPRISE%20FEATURES
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
More from Neighbourhood Watch:
UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
More from Rashmee Roshan Lall
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
