Yahaal raises Series A investment
Kuwait-based e-commerce platform Yahaal has raised a Series A round from Seeds Partner and AlMutamaiz International Company. The amount raised is undisclosed, but the company claims it is now valued at $27 million.
Founded in 2017, Yahaal offers a range of children and baby products and has benefited from the strict lockdown measures implemented in Kuwait during the height of the pandemic. The funding will be used to enhance its portfolio of products, enhance its operational infrastructure and accelerate its expansion plans.
“We are humbled by the trust and confidence our investors have placed in us in securing the financial means to expedite our expansion plans,” said Ali AlZankawi, founder and CEO of Yahaal. “While the Covid-19 pandemic interrupted markets across cities and countries, the demand for online shopping has substantially increased. During the early stages of the pandemic, we witnessed a great number of new customers using Yahaal App and we are proud to have retained a great percentage of those customers."
AlZankawi concluded by saying, “Today we are proud of our achievements and the direction we are heading towards despite these unpredictable circumstances. We will spare no effort in utilising the additional capital to further scale our business model and achieve our strategic vision of supporting families through the application of tech-based solutions and best practices that are in line with international standards.” The company's current valuation exceeds $27 million, AlZankawi disclosed to Wamda.
An earlier version of this article stated Yahaal had raised $27 million, this was incorrect