Palestine-based lingerie e-commerce startup Kenz has closed a six-figure pre-Series A funding round led by Ibtikar Fund with participation from the Arab Palestine Investment Company (APIC) and other Palestinian, Saudi and American angel investors.
Founded in 2017 by Christina Ganim and Nicola Cuoco, Kenz offers a range of underwear and lingerie products to women in the Middle East and North Africa (Mena). It is the first e-commerce website to offer an online shapewear size calculator. This latest round will enable the startup to expand its operations in Saudi Arabia and build out its team in the country as well as in Palestine.
“Kenz is thrilled to have APIC’s participation in the round and will leverage their distribution and retail experience in Kenz’s key market, Saudi Arabia,” said Ganim, adding that the new investors will enable the e-commerce startup to obtain operational and marketing expertise to help it scale.
As larger retail giants increasingly focus on their online presence, Kenz will also use this cash injection to expand its product selection, technology and cater to customers’ needs and services, seeking to become a recognised leader in its industry in 2021.
“We are excited to join Kenz once again in this round. We are very proud of Kenz’s growth and are looking forward to supporting them as they continue to expand in the region and become a leader in this industry,” said Ambar Amleh, a partner at Ibtikar Fund.