- Powder Beauty, a female-led e-commerce platform for clean beauty, secures pre-Series A funding to expand operations in Saudi Arabia.
- The investment, led by Sophia Collective and NKEHL, aims to tap into the rapidly growing clean beauty market in the Middle East.
- Powder Beauty plans to introduce exclusive brands and new product categories while promoting female ownership in the beauty industry.
August 26, 2024 – Powder Beauty, a trailblazing e-commerce platform, has successfully closed its pre-Series A funding round. This female-led startup, founded in 2018 by Ayat Toufeeq, Amina Grimen, and Marriam Mossalli, is set to shake up the clean beauty market in the region.
Powder Beauty stands out as the Middle East’s first female-owned and operated online marketplace for conscious beauty and wellness products. The company has quickly become a leader in the clean beauty segment, focusing on educating customers and delivering high-quality, sustainable products to beauty enthusiasts across the region.
The funding round, led by Sara and Magnus Olsson’s Sophia Collective and NKEHL (a family office fund by Zerodha founders Nithin and Nikhil Kamath), also saw participation from notable regional angel investors. Among them is Maha Taibah, a well-known shark on Shark Tank Arabia.
This fresh injection of capital comes at a crucial time for the clean beauty market in Saudi Arabia. Currently valued at $8.7 billion, the market is projected to skyrocket to $39 billion by 2033. Powder Beauty is perfectly positioned to ride this wave of growth and meet the increasing demand for eco-conscious beauty products.
Ayat Toufeeq, co-founder and CEO of Powder Beauty, expressed excitement about the funding: “We’re driven to build on our leading position in this largely untapped but fast-growing market. This support will help us scale our operations in Saudi Arabia and bring more sustainable beauty options to our customers.”
The investment is particularly noteworthy given the current landscape for female-founded startups in the Middle East. Sara Salhab, founder of the Sophia Collective, highlighted that female-founded startups received only 1% of Middle East VC funding in 2023. “We’re excited to support Powder Beauty in their journey to build a successful business,” Salhab stated, emphasizing the potential of the clean beauty industry.
Powder Beauty’s mission goes beyond just selling products. The platform is committed to offering a range of clean, cruelty-free, and sustainable beauty brands from both local and international sources. With this new funding, they plan to launch exclusive brands in the region and introduce new product categories to their existing lineup of skincare, haircare, makeup, and wellness items.
Marriam Mossalli, co-founder and CMO of Powder Beauty, pointed out an important aspect of their mission: “The multi-billion-dollar beauty industry sells primarily to women, but its biggest companies continue to be run mostly by men. We’re keen to have more female investors become owners within the beauty industry, shifting their role from simply consumer to shareholder.”
With Powder Beauty’s expansion plans, beauty enthusiasts in the Middle East can expect to find more ethical and sustainable beauty products that are easily accessible on their platform.
Also Read: Meet 5 Female Entrepreneurs Co-founding the Most Funded Startups in the MENA Region
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Last Updated on September 7, 2024 by Safiya K
