Riyadh – Sharikat Mubasher: UAE-based Powder Beauty, the Middle East’s first female-owned and operated e-commerce platform for conscious beauty and wellness products, announced a successful closure of its pre-Series A funding round.
The round was led by Sara and Magnus Olsson through their new venture, Sophia Collective and NKEHL, a family office fund by the esteemed founders of Zerodha, Nithin, and Nikhil Kamath, as per the company’s press release.
Additionally, the round saw participation from several prominent regional angel investors, including Maha Taibah, a notable shark on Shark Tank Arabia. This new funding will help Powder Beauty scale its operations in Saudi Arabia, meeting the rising demand for clean beauty, in a market currently valued at $8.7 billion and projected to reach $39 billion by 2033.
Powder Beauty has quickly established itself as a leader in the clean beauty segment, committed to educating its customers and delivering the finest conscious and sustainable products to the region.
Ayat Toufeeq, co-founder and CEO of Powder Beauty said: “With this funding round, we’re driven to build on our leading position in this largely untapped but fast-growing market. We’re delighted to have received this support from investors like the Sophia Collective, a platform whose vision aligns strongly with ours.”
The Sophia Collective is a community-based platform dedicated to supporting, empowering, and addressing the investment gap that female founders face.
Sara Salhab, founder of the Sophia Collective, added: "Female-founded startups received only 1% of Middle East VC funding in 2023. The gender gap is evident in entrepreneurship in the MENA region. That’s why we’re excited to support Powder Beauty in their journey to build a successful business. We see great potential in the clean beauty industry and are confident in the Powder Beauty team’s ability to lead this movement in the Middle East.”
Powder Beauty’s core mission is to offer discerning customers a range of clean, cruelty-free, and sustainable beauty brands from both local and international sources. This investment round will represent a significant milestone for the e-commerce platform, enabling the launch of new brands exclusive to the region and the introduction of new product categories to their existing lineup, which includes skincare, haircare, makeup, and wellness.
states Marriam Mossalli, co-founder and CMO of Powder Beauty, further stated: “The multi-billion-dollar beauty industry sells primarily to women, but its biggest companies continue to be run mostly by men. Therefore, I'm very keen to have more female investors become owners within the beauty industry, shifting their role from simply consumer to shareholder."
With this fresh infusion of capital and strong industry backing, Powder Beauty is poised to redefine beauty standards across the Middle East, making ethical and sustainable beauty products accessible to all.