UAE-based mother, baby and child e-commerce website Mumzworld has successfully closed its Series B funding with multi-million dollar investments led by Wamda Capital, twofour54, and Endeavor Catalyst.
The capital injection received from investors in Saudi Arabia, Lebanon, the United States and the UAE will help support Mumzworld's aggressive growth plans for the GCC, a statement said.
It added that additional investors include Precinct Partners and WSB Holding among others, as well as several pre-existing investors who increased their stake in the company.
The investment will also enable the expedition of planned customer focus initiatives, with emphasis on optimising technology and logistics operations and increasing product offerings and line expansions, the company said.
Mumzworld CEO Mona Ataya said: "Finding the right strategic partners during this latest round of funding has been a key element for us, because it is clear our future growth depends on more than capital input.
"We now have room to concentrate on delivering an exceptional online consumer experience - enabling consumers to make the most informed purchasing decisions from the widest range of products and with unrivalled convenience. We want to empower our consumers and make their lives easier."
Founded by Ataya in 2011, Mumzworld.com stocks over 100,000 products spanning the mother, child and baby segment, 15,000 of which it offers exclusively, with the e-commerce retailer focusing on expansion into m-commerce this year.
The site currently has access to over 650,000 mothers in the region.
Khaled Talhouni of Wamda Capital said: "We are excited to be part of the Mumzworld story and view the company as an exceptional example of regional entrepreneurs building transformational businesses."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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