Riyadh – Mubasher: An unnamed Saudi consortium of investors acquired GlamBox Middle East, an online subscription service for beauty products.
The consortium plans to lead the firm’s development in GCC countries in the coming period, especially in Saudi Arabia and overseas markets, Arabian Business reported on Monday.
“The new consortium, which has diversified stakes in media, retail and hospitality entities, brings a wealth of knowledge and experience, particularly in Saudi Arabia, the region’s largest beauty market,” GlamBox CEO Matthieu Guinard said.
The value of the acquisition was not revealed.
GlamBox has joined the list of fast-growing startups in MENA, marking an additional validation of the opportunity in tech and digital in the region, co-founder Christos Mastoras said.
Apostolos Binomakis of Iliad Partners was the independent advisor for the deal.
GlamBox, which began its business as a small startup in Dubai in 2012, struck partnership agreements with more than 200 leading global beauty brands during the past five years.
GlamBox was established by a group of co-founders and investors comprising Marc Ghobriel, Fares Akkad, Christos Mastoras, and Shant Oknayan.
The beauty product e-seller previously raised more than $4 million in a joint venture (JV) funded by Saudi strategic investors R&R Ventures, MBC Ventures, and STC Ventures.
These strategic investors and the founders sold their stake to the new Saudi consortium.
