Apr 5, 2018

Regional beauty subscription e-commerce entity GlamBox Middle East has been acquired a Saudi-based consortium of investors for an undisclosed fee. The buyers’ identities have yet to be... <p><strong>GlamBox bought by Saudi consortium</strong></p> <p> Regional beauty subscription e-commerce entity GlamBox Middle East has been acquired a Saudi-based consortium of investors for an undisclosed fee. The buyers’ identities have yet to be...</p> <p><a href="https://middleeast.businesschief.com/finance/1258/GlamBox-bought-by-Saudi-consortium">https://middleeast.businesschief.com/finance/1258/GlamBox-bought-by-Saudi-consortium</a></p>      Cancel      Andrew Woods - Finance - Nov 20, 2017 Regional beauty subscription e-commerce entity GlamBox Middle East has been acquired a Saudi-based consortium of investors for an undisclosed fee. The buyers’ identities have yet to be revealed although they were previous investors in the 2012 startup launched by co-founders Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel. GlamBox – which delivers the world’s leading brands to households across the UAE and Saudi Arabia – has been the interest to a several rounds of funding including $4mn in venture capital from the likes of STC Ventures, MBC Ventures, R&R Ventures and numerous more KSA investors. The co-founders have backed the buyers’ investor group to lead the company into its next phase of growth, possessing, as it does, a wealth of experience in media, retail and hospitality. Related stories: A statement from GlamBox said: “We are proud to have successfully completed a full lifecycle of a startup in the Middle East ideation, seed funding with our own capital, building a team, market launch in the UAE, VC funding over two rounds, building a great product, scaling the business, international expansion to KSA, and finally exit via acquisition within five years. We feel that we succeeded despite tough challenges. “The buyer is a KSA consortium of investors that was an existing investor in GlamBox. Seeing the significant growth in the company, the investors expressed interest in acquiring the company. While we have been approached by numerous potential buyers in the last few years, but the current buyers made sense from many perspectives, particularly the fact that they were already involved in GlamBox.” Tags: