Floward cements its leading market position
Floward, the go-to online flowers and gifts delivery destination in the MENA region, recently announced that it has raised $27.5 million in the Series B funding round led by STV with participation from Impact46.
Established in 2017 by Abdulaziz B Al Loughani, founder and CEO, Floward is a full-fledged e-commerce solution that offers prime fresh-cut flowers coupled with gifts and products from local and international brands with same day delivery. This fragmented sector has traditionally been largely dominated by brick and mortar shops with almost no presence online, giving Floward the opportunity to become the market leader in the MENA region.
"Since our launch four years ago, 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. These circumstances presented to us clear opportunities and accelerated our growth plans in the MENA region and beyond, specifically into London, UK - our first expansion outside the region," Al Loughani said.
Floward has earned a leading market position in the flowers vertical, making in the largest flowers business in the whole MENA region in just under four years, as it now operates in 20 cities across seven countries with a team of over 450 members and counting.
Al Loughani added, "Floward has seen over 10x growth in 2020, in the first 100 days of 2021 our revenues have surpassed those of the entire year of 2020. 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, with a clear path to positive unit economics and profitability."
"This marks an important milestone of our journey at Floward. We want to partner with like-minded deep-rooted entrepreneurs, creative, determined and bold movers that are willing to change the status quo. We are proud to announce our partnership with STV joined with Impact46 and are confident that this partnership along with Floward's team will help in marking us as a global player in the flowers and gifts industry," Al Loughani concluded.
Ahmad Al Naimi, Partner at STV said: "We're excited to join Floward on their mission to master consumer gifting. They have shown impressive understanding of consumer trends, coupled with perfect execution of the customer experience and supply chain. We're happy to partner with them as they expand their footprint to new markets and new products."
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