Saudi-based private equity & venture capital firm Mad’
In case you’re wondering, Family Souk Ventures is a B2B distribution company that represents a select group of some of the best brands in the parenting industry. Family Souk also operates Babsouk.com a market-leading baby, child, and parenting e-commerce website that showcases over 5,000 curated products and services.
The investment will help scale the growth of the two companies and accelerate their expansion into the region. According to the Saudi Gazette, the company will be using the investment to “rapidly and aggressively” expand their B2B and B2C channels, and also increase their customer acquisition in new markets, while obtaining additional exclusive brand partnerships. The company also plans on enhancing its customer delivery network and systems.
Abdullah A. Al Othaim, CEO of Mad’a commented on the investment saying: “As part of our commitment to creating exceptional value for SME’s in the Kingdom and in the region, improving business practices, adding jobs, and contributing to the economy, we made this strategic investment to enable Family Souk Ventures to aggressively expand its business to the largest market in the GCC, the Kingdom of Saudi Arabia, and eventually all of MENA”.
Al Othaim also mentioned that Mad’a’s investment strategy is aligned with Saudi Vision 2030, as it seeks to create jobs, promote innovation, support SME’s, and contribute to the diversification of the local economy.
Scott Hupe, Chief Executive Officer of Family Souk Ventures, expressed his excitement about the investment stating: “We are delighted to have Mad’a Investment and ASO&SONS as a strategic partner, who will help the company reach its full potential and enable more consumers in the Kingdom and wider MENA region to access unique and exclusive parenting and baby-care products and services.”
Mad’