Mumzworld, the Dubai-based e-commerce shopping platform for mothers across the Middle East and North Africa (Mena) region has closed its $20 million Series B funding round with additional investment from Gulf Islamic Investments (GII), a UAE-based financial services firm.
The raise follows investments from Tamer Group, Wamda Capital and Swicorp together with six additional investors earlier this year.
“At a time of economic slowdown in the region… we are extremely grateful and proud to have been able to raise our biggest round of funding,” said Mona Ataya, founder and chief executive officer at Mumzworld.
The investment will be used to expand the company’s presence in Saudi Arabia as well as boosting automation of services and improving customer experience.
The mother, baby and child vertical is “underserved across Mena”, according to Khaled Talhouni, managing partner at Wamda Capital. “From a customer demographic standpoint, it has the potential to be a very loyal customer base. The key to that is in delivering an optimal customer experience.”
Launched in 2011, Mumzworld now serves 20 countries across the region with a portfolio of more than 200,000 products and two million customers. The company’s sales have grown 15-fold in the past five years while its employee base has tripled in the past year.
GII is a Shariah-compliant financial services company with a $2.5 billion asset portfolio under its management.