Golden Scent receives second round of investments

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Golden Scent, the leading Saudi e-commerce beauty platform, announced the closing of a new round of investments from its current funders within a record 12-month period. The company attributes this new  round of funding to a remarkable year of growth that enabled it to established reputation and promising future in the market and the fresh injection of investments will go towards expansion within the GCC.

Golden Scent is planning to centralize and expand their Middle East headquarters consisting of their Dubai office and logistics centre, and update and enhance in-app features for its two million user base to further cement its position as the leading entity with the best deals on the market. Following a more customer-centric approach in 2019, and to further support its remarkable year of online sales in 2018, Golden Scent will also open a local customer base and continue to improve customer experience in line with current and anticipated customer needs.

In the company’s previous round of investments, Golden Scent succeeded in securing backing from major corporates including Saudi Aramco Entrepreneurship Ventures (Wa’ed Ventures), Equitrust – the investment arm of Choueiri group – Wamda Capital, and Raed Ventures – the investment arm of Almajdoui Holding.

Khaled Talhouni, Managing Partner at Wamda said Golden Scent has emerged as the leading perfume and cosmetics online retailer in the region driven by superior customer experience. We strongly believe that this category still has very significant room for growth and this latest investment is representative of our continued support for Malik and Ronny in executing against their vision.

Wa’ed CEO Khalil Al-Shafei commented “We are very excited to see one of our investee companies achieve outstanding growth in such a short time. This second round of investment is a strong indication of Golden Scent’s place in the market, and we have great confidence in Golden Scent’s CEO and management’s ability to sustain long-term growth. They will inspire other startups and SME’s to diversify their offerings and help fortify the Kingdom’s economy in coming years.”

Golden Scent provides online beauty shoppers with ample choice, hosting over 10,000 fragrances and beauty products from well over 300 different brands. The platform also offers beauty tips inspired by top influencers and experts to help customers enhance their inner beauty and showcase their personal style. By guaranteeing product authenticity and providing three different payment methods: payment upon delivery, bank transfer, or credit card, while free shipping is also available for orders over 300 SAR, the Golden Scent e-platform ensures that beauty e-shopping is a convenient and reliable experience that meets global high-class standards.

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