Tuesday February 27th, 2024
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UAE’s Millennial Brands Raises $35 Million in Growth Funding

The startup helps independent brands develop and achieve hyper-growth, focusing on personal care categories.

Startup Scene

An emerging force helping direct-to-consumer brand launch and develop, UAE–based Millennial Brands has raised $35 million in growth funding, led by New York’s GLobal Emerging Markets Group.

With the investment, the company will look to develop its consumer technology, grow the existing categories of its licensed brands and even develop its own new brand. Currently, Millennial Brands manages companies in a number of personal care categories, including bodycare, male grooming, haircare, babycare and fragrances.

When managing a brand, the company aims to achieve hyper-growth across social media and other online channels, with the ultimate goal of improving market share in a regional beauty and personal care sector that was estimated to be worth $21 billion in 2021. It does this by implementing a portfolio construction strategy, which it uses to target partnerships with direct-to-consumer brands, as well as launching homegrown brands to cater for the growing millennial consumer market in MENA.

"We are truly delighted with the transaction with GLobal Emerging Markets Group, an institutional investor with significant experience and track record in investing in emerging markets,” said investor and board member, Andreea Danila. “The group and its partners bring substantial expertise in creating value in terms of investing and working with emerging ventures across life-cycles, up to IPO stage.”

The investment continues a respectable start to 2022 for the fashion and lifestyle industry, with other notable raises including March’s $15 million Series A  by UAE-based sustainable fashion brand, The Giving Moment, and a $2.6 million Seed round by KSA-based beauty ecommerce platform, Kaya. With nearly 110 million young, digitally-savvy consumers between the ages of 18 and 25 populating the region and beauty and personal care expected to achieve a compound annual growth rate of 35% by 2026, there’s plenty of room for Millennial Brands to prosper in the empowering services that it presents.