Dubai-based Mumzworld.com, the e-commerce shopping destination for mothers in the MENA region, announced on Tuesday that it has successfully closed its Series B funding round with an additional $20 million investment from Gulf Islamic Investments (GII).
This makes GII the single largest shareholder in Mumzworld, a statement said.
Underpinned by strong investor appetite, the $20 million raise follows investments from Tamer Group, Wamda Capital and Swicorp, together with six additional investors earlier this year, it said.
The company added that the financing will be used to disrupt the under-served e-commerce market in Saudi Arabia. It will also be used to boost automation and launch vertical specific consumer offerings as well as to continue to grow the brand’s footprint.
Founded in 2011 by Mona Ataya, Mumzworld has undergone tremendous growth since its inception. With over 200,000 products of which 25,000 are exclusive, Mumzworld services over 2 million mothers, and ships to 20 countries in MENA.
Ataya said: "We are delighted to have yet another strong institutional investor in GII join the Mumzworld family at such a critical inflection point in the Company's trajectory.
"At a time of economic slowdown in the region, supported by our strong team, we are extremely grateful and proud to have been able to raise our biggest round of funding, and to have the backing of the region’s strongest investors. We will use every dollar to serve, with excellence, mothers, who are at the heart of our customer-obsessed mission."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.