Kuwait-based Faith Capital announces $8 million investment in JustClean
Kuwait-based Faith Capital has announced an investment of $8 million in JustClean, a Kuwaiti laundry startup it had acquired in 2017. All of the money is being injected by Faith Capital themselves without any external investors, a representative of the firm has told us.
The investment will be used for ongoing expansion of marketplace operations of JustClean across GCC in addition to expanding into B2B logistics and SaaS initiative, Faith Capital said in the statement.
Founded by a brother duo, Athbi Al-Enezi and Nouri Al-Enezi, in 2016, JustClean (previously known as Masbagti) is on-demand mobile marketplace that connects laundries with people who need their services, offering free pick-up and delivery. Started from Kuwait, they’re now available in Bahrain and UAE as well and have recently rolled out logistical support for marketplace vendors and a PoS and comprehensive laundry management software solution. The startup is also in process to roll out the full suite of these services in Qatar by the end of the year and launch the SaaS product in Saudi.
Athbi Al-Enezi, a Co-Founder of JustClean, commenting on the occasion, said, “JustClean has differentiated itself from regional competitors by offering technological solutions to problems faced not just by consumers, but by operators of laundry businesses as well. The user experience is of paramount importance to everyone in this market, however, we’ve seen most of our competitors completely neglect the B2B value chain. JustClean will cater to both B2B and B2C segments, and intends to ultimately be the solution provider of choice for cleaning business owners across the MENA region.”