Leading Kuwaiti beauty ecommerce start-up,Boutiqaat has doubled its valuation to $500 million, raising an undisclosed amount of investment from a Gulf-based investment firm.

WHO: Founded in 2015 by Abdulwahab Alessa, the founder and CEO, Boutiqaat is a social commerce platform that consists of a website and mobile app that sells over 25,000 beauty and fashion products from more than 700 international brands. What differentiates Boutiqaat from its competitors is the fact that it’s built around social media influencers. Influencers have their virtual stores on the platform where they add their favorite products, allowing customers to easily shop the curated product assortment, with Boutiqaat taking care of the entire transaction.

WHY: Boutiqaat currently only sells to the GCC including Kuwait, Saudi Arabia, UAE, Qatar, Bahrain, and Oman, but has expressed interest in international expansion to markets like the US, Europe, and Asia.

DETAILS:

• Boutiqaat has doubled its valuation to $500 million in its most recent investment from an undisclosed Gulf-based investment firm. The terms of the deal were not available.
• January 2018, Boutiqaat raised $45 million with a valuation of about $250 million from Boubyan Petrochemical Company, a Kuwaiti company with investments in different sectors including petrochemicals, manufacturing, healthcare, and education.
• Boubyan, the first investor in the company, sold a part of its stake to the new investor.