Local startup Perfectly Pressed raises $400,000 in funding to expand into Saudi Arabian Market in 2020
SOURCE: Startup MGZN
Perfectly Pressed, Bahrain-based fresh cold pressed juice and nut-milk producer and distributor, have successfully closed their second round of funding this week, raising a total of USD 400,000.
The series will be used to cover the company’s expansion plans into the Central and Eastern regions of Saudi Arabia.
The investment round, funded by two investors, has been led by FA Holding, who have acquired a 10.5% stake in the company for $200,000. The remaining $200,000 was funded by a Saudi investor operating in the F&B industry in the central region of Riyadh.
Commenting on the announcement, Co-Founder and Managing Partner of Perfectly Pressed, Saniya Abdulaal, said: “It has been a tremendously successful year for us, from starting deliveries to 3 stores back in 2017, to over 42 stores across the island today. Entering the Bahraini market with healthy and fresh alternative beverage options that has contributed positively to diversify the Kingdom’s healthy lifestyle choices. We are very pleased with the faith placed in our company, and look forward to working hand in hand with our new team in spreading our positive message across the region by expanding into the Kingdom of Saudia Arabia.”
FA Holding’s Managing Director, Fawaz Algosaibi, added: “We feel fortunate whenever we come across a startup with a brilliant team and a noble purpose. We’re very excited to be supporting them on their path towards making their delicious and highly nutritious beverage readily available across the region.”
The brand is set to launch a number of new products in conjunction with their planned expansion over the course of the next year.