Golden Scent, the Saudi e-commerce beauty platform, has announced the closing of a new round of investments from its current backers.
Funders have re-invested in Golden Scent for the second funding round, alleviating the need for the company to look elsewhere for financial support.
Following the latest influx of funds, Golden Scent said it is planning to centralise and expand its Middle East headquarters consisting of its Dubai office and logistics centre, and update and enhance in-app features for its two million user base.
Golden Scent will also open a local customer base, it said in a statement.
Golden Scent provides online beauty shoppers the choice of over 10,000 fragrances and beauty products from well over 300 different brands.
In the company’s previous round of investments, Golden Scent succeeded in securing backing from corporates including Saudi Aramco Entrepreneurship Ventures (Wa’ed Ventures), Equitrust, the investment arm of Choueiri group, Wamda Capital and Raed Ventures, the investment arm of Almajdoui Holding.
Khaled Talhouni, managing partner at Wamda, said: "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."
Wa’ed CEO Khalil Al-Shafei added: “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.”For all the latest retail 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.
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