Lead by Sophia Collective and NKHEL, Nithin and Nikhil Kamath, the UAE-based e-commerce platform Powder Beauty has closed its pre-Series A investment round at an undisclosed valuation. Maha Taibah was one of the local angel investors who participated in the round.
Ayat Toufeeq, Amina Grimen, and Marriam Mossall launched the female-led firm Powder cosmetic in 2018 with the goal of providing environmentally friendly cosmetic products to its clientele.
Powder Beauty has swiftly become a clean beauty leader by educating customers and bringing the most mindful and sustainable goods to the region.
Sara and Magnus Olsson’s Sophia Collective and NKHEL, a family office fund of Zerodha founders Nithin and Nikhil Kamath, lead the financing. The round also included some important regional angel investors, including Shark Tank Arabia shark Maha Taibah. According to this estimate, the $8.7 billion Saudi Arabian market is expected to grow to $39 billion by 2033, and Powder Beauty will use this investment to expand its operations.
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The main goal of Powder Beauty is to provide discriminating consumers with a selection of sustainable, cruelty-free, and clean beauty brands from both domestic and foreign suppliers.
“With this funding round, we’re driven to build on our leading position in this largely untapped but fast-growing market,” said Ayat Toufeeq, co-founder and CEO of Powder Beauty. “We’re delighted to have received this support from investors like the Sophia Collective, a platform whose vision aligns strongly with ours.”
The e-commerce platform will reach a major milestone with this funding round, which will allow them to introduce additional product categories to their current lineup, which currently consists of skincare, haircare, beauty, and wellness, as well as debut new brands that are exclusive to the area.
“The multi-billion-dollar beauty industry sells primarily to women, but its biggest companies continue to be run mostly by men,” states Marriam Mossalli, co-founder and CMO of Powder Beauty. “Therefore, I’m very keen to have more female investors become owners within the beauty industry, shifting their role from simply consumer to shareholder.”
A community-based platform called The Sophia Collective is devoted to empowering, supporting, and closing the investment gap that confronts female entrepreneurs.
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Powder Beauty is ready to change beauty standards throughout the Middle East with this new funding infusion and strong industry backing, making sustainable and ethical beauty products available to everyone.
About Powder Beauty
Powder Beauty, the first and most extensive shopping destination in the region for incredibly amazing, obsession-worthy items with a conscious DNA. Hand-picked from all over the world by beauty enthusiasts who want to empower and educate everyone to buy without compromising anything.
