Saudi Arabia’s STV leads $27.5m Floward funding

Floward offers prime fresh-cut flowers coupled with gifts and products from local and international brands with same day delivery. (Supplied))

• Impact 46 also participated in the funding round, the company said in a statement on Sunday

DUBAI: Saudi Arabia’s STV has led a $27.5 million Series B funding round for Floward, the rapidly expanding online flowers and gifts delivery company.
Impact 46 also participated in the funding round, the company said in a statement on Sunday.
Established in 2017 by founder and CEO Abdulaziz B. Al-Loughani, Floward offers prime fresh-cut flowers coupled with gifts and products from local and international brands with same day delivery.
“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,” said Al-Loughani. “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.”
A venture capital boom in the Gulf is helping to fund a swathe of e-commerce and technology-focused startups with Saudi Arabia emerging as a major source of funding for emerging entrepreneurs across the region.
The company now operates in 20 cities across seven countries with a team of over 450. It said its revenues for the first 100 days of 2021 have exceeded the whole of last year.