Floward, the go-to online flowers and gifts delivery platform, raised $27.5 million (103 M SAR) for its Series B funding round led by STV with participation from Impact46.
Founded by Abdulaziz Alloghani back in 2017, Floward serves as a full-fledged online solution offering a wide range of flower bouquets coupled with complementary gifts from pioneer brands. Floward came as a result of the prominent absence of online flower delivery platforms, giving Floward the opportunity to tackle the online presence and lead the market in the 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,” CEO Abdulaziz Al Loughani said.
The platform has achieved a leading market position within the industry, marking Floward to be the largest online flower business in the MENA region within less than four years. As for now, the platform operates in different cities within 7 countries with over 450 team members.
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.”
“Today 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 ourselves as a global player in the flowers and gifts industry”, Al Loughani concluded.
“Floward continues to impact the gifting culture in the GCC and is playing a key role in the markets they have penetrated, we’re proud to continue this journey with the Company pushing the platform to new heights” Added Basmah Alsinaidi from Impact46 team.
