Powder Beauty Secures Pre-Series A Funding to Expand in KSA

by | Aug 26, 2024 | Startups News | 0 comments

Powder Beauty, a UAE-based e-commerce platform, successfully closed its pre-Series A funding round. Sophia Collective, founded by Sara and Magnus Olsson, and NKHEL, a fund by Zerodha founders Nithin and Nikhil Kamath, led the round. Several regional angel investors, including Maha Taibah, also contributed.

Empowering a Female-Led Vision

In 2018, Ayat Toufeeq, Amina Grimen, and Marriam Mossalli founded Powder Beauty, the Middle East’s first female-owned e-commerce platform focused on clean beauty. The company curates a selection of cruelty-free, eco-friendly products from both local and international brands. As a result, it quickly became a leader in the clean beauty segment, educating customers on sustainable beauty.

Fueling Expansion in Saudi Arabia

With this new funding, Powder Beauty plans to scale its operations in Saudi Arabia. The clean beauty market in the region is valued at $8.7 billion, with projections to grow to $39 billion by 2033. Powder Beauty intends to introduce exclusive brands to the region and expand its product categories, including skincare, haircare, makeup, and wellness.

Closing the Gender Gap in MENA Entrepreneurship

This investment directly addresses the gender gap in entrepreneurship within the MENA region. Sara Salhab, founder of Sophia Collective, highlighted that female-founded startups received only 1% of Middle East VC funding in 2023. By supporting Powder Beauty, Sophia Collective aligns perfectly with its mission to empower female founders and close the investment gap.

Redefining Beauty Standards

Co-founder and CEO, Ayat Toufeeq, expressed excitement about the company’s future. She stated, “We aim to build on our leading position in this fast-growing market.” Powder Beauty’s mission extends beyond profit, as it strives to shift beauty industry standards and make ethical, sustainable beauty products accessible across the Middle East.

Moreover, co-founder and CMO, Marriam Mossalli, emphasized the need for female representation in the beauty industry. She noted, “The multi-billion-dollar beauty industry sells primarily to women, yet men still run most of its biggest companies. I’m eager to see more female investors become owners within the beauty industry, transitioning from consumers to shareholders.”

Conclusion

In summary, with strong industry backing and a clear mission, Powder Beauty is set to lead the clean beauty movement in the Middle East. This pre-Series A funding marks a pivotal moment in the company’s journey, laying the foundation for continued growth and innovation.


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