Mona Ataya, founder and CEO of Mumzworld, an onlne market place dedicated to products for mothers with small children, poses for a portrait in her office on Monday, October 24, 2011, in Dubai, UAE. Photo by Siddharth Siva for The National
Mona Ataya, founder of Mumzworld, has secured $20 million in another round of funding to invest in regional expansion.  Siddharth Siva for The National

Mumzworld raises $20 million as it accelerates growth in Saudi Arabia



Mumzworld, a major online retailer for mom and baby products in the Middle East, raised $20 million in its latest funding round as it accelerates its expansion in Saudi Arabia and invests in new technology.

The Series B round of funding from Gulf Islamic Investments, a UAE-based financial services company, will also help the company grow in the Lebanon, Jordan and Egypt, Mona Ataya, founder and chief executive of Mumzworld, said in an interview. She declined to provide a company valuation.

"It's an important strategic investment to help us grow in the Saudi market, which is fast becoming our biggest market," Ms Ataya said. "Saudi is a priority, we're building warehouses and hiring people for supply chain logistics."

Saudi Arabia is the Arab world's largest economy and its e-commerce market is set to expand 27 per cent to $10 billion by 2022 from $3bn in 2017 led by a growing middle class and more women, according to a study by Google and Bain & Co. released on Monday. The online shopping industry in Mena is set to expand 28 per cent to $28.5 billion over five years, up from $8.3bn in 2017.

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Mumzworld, which focuses on the Arabian Gulf as its anchor market, plans to grow from 150 to 240 employees by the end of next year, Ms Ataya said.

The company has doubled its revenues this year compared to 2017, she said, declining to provide figures.

Ms Ataya said the target is to double annual sales for the next two years as it expands in the Mena region, gains new customers and adds to its product catalogue.

"We estimate there's an addressable market of 15 million mothers that we are going to grab," she said.

The $20m investment makes Gulf Islamic Investments the biggest investor in Mumzworld, GII said in an emailed statement.

"The GCC region, with its high disposable incomes, lower e-commerce penetration than Western markets but high and fast-growing internet penetration and young population has all the necessary recipes for this segment to be successful," Mohammed Al-Hassan, GII's co-founder and chief executive for the Gulf, said.

Mumzworld offers more than 200,000 products to about 2.5 million customers and delivers to more than 20 countries. It offers about 1,800 brands that it expects to double in the next six months.

The funding follows investments from Tamer Group, Wamda Capital and Swicorp, together with 6 additional investors, earlier this year.

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

WRESTLING HIGHLIGHTS
Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

Director: Paul Weitz
Stars: Kevin Hart
3/5 stars

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund