Floral Delivery Service Floward Blooms with $27.5M Series B Funding
In four years, Floward has seen its business bloom in the region, operating in 20 cities across seven countries.
Floward, a Kuwait-based MENA-leading flowers and gifts delivery startup, has raised $27.5 million in a Series B funding round led by STV Ventures, with participation from Impact46.
Founded in 2017 by Abdulaza Al Loughani, Floward has seen its e-commerce business bloom with its offering of freshly-cut flowers alongside local and international products with same-day delivery. The MENA’s fragmented floral industry gave room for the company to grow and emerge as a market leader.
Upon raising the new funds, CEO Al Loughani said: “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.”
The company has experienced a greater than tenfold growth in 2020, with Al Loughani further announcing that in the first 100 days of 2021, revenues surpassed the already-booming 2020 total.
“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,” he said.
Floward’s current leading market position sees it serve in 20 cities, across seven countries, employing an ever-expanding team of over 450 members.
Ahmad Al Naimi, a Partner at STV Ventures, expressed excitement to join Floward on their mission, remarking that “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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