Boutiqaat, the leading Kuwaiti beauty ecommerce startup has doubled its valuation to $500 million in eighteen months after raising an undisclosed amount of investment from a Gulf-based investment firm, different local media outlets reported yesterday. Abdulwahab Alessa, the founder and CEO of Boutiqaat confirmed the development to a Kuwaiti publication Alrai, without disclosing the size of the deal and name of investor. He also retweeted a couple of tweetsby other users confirming the news.
With this valuation and Uber’s acquisition of Careem, Boutiqaat with Property Finder is now the most valuable technology startup of the Middle East & North Africa.
Founded in 2015, Boutiqaat had raised $45 million from Boubyan Petrochemical Company, a Kuwaiti company with investments in different sectors including petrochemicals, manufacturing, healthcare and education, in January last year. At the time, it was reported that the investment came at a valuation between $250 to 300 million. Abdulwahab has now confirmed that the valuation when Boutiqaat made the investment was about $250 million.
Boubyan, the first investor in the company, has sold a part of its stake to the new investor, it announced in a different statement.