Having established a firm presence in the regional flowers and gifting market, Kuwaiti startup Floward has added $27.5 million more to its capital. Floward raised the fund in a Series B round led by STV, with a sizable contribution also coming from Impact 46.
With the success of this round, the total capital raised by the company so far has shot up to $30 million.
Floward was founded in 2017 by Abdulaziz B. Al Loughani, known in the business community as a serial entrepreneur and investor. The startup specializes in delivering prime fresh-cut flowers coupled with gifts and other products from different local and international brands.
The company has been expanding to new markets quite aggressively right from the start and is currently serving customers in 20 cities across the region and beyond.
Floward also acknowledged that the COVID-19 pandemic and the ensuing lockdown helped it reach new heights. In fact, the startup claims to have grown 10x in 2020 alone.
“In the first 100 days of 2021, our revenues have surpassed those of the entire year of 2020. We have a clear expansion strategy that follows our own set playbook allowing us to swiftly and seamlessly expand to new markets with the aim to become a major global player in the flowers and gifts industry, with a clear path to positive unit economics and profitability,” it said in a statement.