Beauty subscription e-commerce company GlamBox Middle East has been acquired by an unnamed Saudi-based consortium of investors, the Dubai-based start-up announced today.
Launched in 2012 by co-founders and angel investors Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel, GlamBox Middle East previously raised over $4m in venture capital funding from regional investors, including STC Ventures, MBC Ventures, R&R Ventures and KSA strategic investors.
The co-founders led the company from an initial idea and a small start-up in Dubai, to a leading online beauty subscription service in the Middle East.
In the past 5 years, GlamBox developed partnerships with over 200 leading international beauty brands and operations in the UAE and KSA, which were supported by a payments, logistics and fulfilment network in the region.
Co-founder and former GlamBox CEO (2013-2014), Shant Oknayan, said “We are proud of what GlamBox achieved over the past five years – it was a remarkable journey and we are excited for the company’s future growth under the new ownership.”
“This is a testament of what can be achieved with a strong team and operational execution,” added fellow co-founder Christos Mastoras.
“As GlamBox joins the growing list of successful MENA startups that have achieved an exit, this is an additional validation of the opportunity in tech and digital in the region.”
Fares Akkad, another co-founder, said, “We saw an opportunity in e-commerce at a time when the industry was still very nascent in MENA. The space is now booming with the entrance of large players such as Amazon via its acquisition of Souq.com and the digitisation of traditional retail groups.”
Current CEO of GlamBox, Matthieu Guinard, said the new consortium, has diversified interests in media, retail and hospitality, bring a wealth of knowledge and experience, particularly in Saudi Arabia, the region’s largest beauty market.
“We will continue to delight our customers and bringing them the best of the beauty world to their doorstep, while exploring expansion into new markets and verticals,” said Guinard.
The Saudi consortium aims to drive the company’s next phase of growth in Saudi Arabia, the GCC, and beyond.
The sellers were advised on the transaction by Apostolos Binomakis of Iliad Partners as an independent advisor, with the shareholders including the founders, STC Ventures, MBC Ventures and R&R Ventures selling their stake to the new owners.
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