GoldenScent is a Saudi-based beauty ecommerce platform, announced today closing a Series A round led by Saudi Aramco, Entrepreneur Venture and Equitrust along with Wamda Capital and Raed Ventures.
This funding accentuates and reflects the increasing growth of the online beauty market in the GCC region, as Golden Scent mentioned in their statement. The new fund will be used to grow Golden Scent, and allow it to introduce new product categories, along with marketing their new app. Founded by end 2014, Golden Scent has been growing to become one of the leading beauty online e-shopping platforms in the Kingdom. “The company has already broken even, achieving a double digit million dollar in revenues. The strong growth as well as the vision and excellence of the founders who built Golden Scent to the number one beauty online destination in the GCC, has led us to invest in this excellent opportunity,” said Omar Almajdouie, managing partner and founder of Raed Ventures.