Dubai-based GlamBox, a beauty online subscription platform, has recently been acquired by a Saudi consortium of investors.
Neither the names of the investors nor the acquisition amount were disclosed by the company. "This is a testament of what can be achieved with a strong team and operational execution," said Glambox co-founder Christos Mastoras in an interview.
GlamBox, which was initially launched in 2012, has since managed to attract US$1.36 million from Stc ventures, MBC Ventures, the venture capital arm of MBC media group, and newcomer R&R Ventures, in order to scale to Saudi Arabia. Those stakeholders and other founding members have now sold their shares to the new owners.
The company’s three cofounders Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel, said that the buyer was an existing investor in GlamBox, which made the acquisition smoother, as they know well how the company operates.
Since its launch, GlamBox was keen on providing a solution for the lack of cosmetics ecommerce platform in the region, and bridge between international brands and regional shipping.