Kuwait's Yahaal raises $27M Series A funding round
Yahaal, a Kuwait-based E-commerce platform that specializes in providing a wide range of children and baby products, has announced a $27M Series A funding round (KD 8.25M), from Seed Partner and AlMutamaiz International Company.
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Yahaal App serves as a one-stop-shop platform that offers newborn, baby, and kid’s products, delivered to customers in as fast as 30 minutes to certain areas in Kuwait. Parents can shop from a selection of toys, diapers, formula, strollers, car seats, skincare products, and more. Yahaal grew its online presence through its platform, delivering a unique selection of products and expanding its footprint to suit the needs of the Kuwaiti market. Additionally, the emergence of the COVID-19 pandemic led to the slow down and temporary closure of stores, shifting consumer shopping to online sources, which has reflected positively on the sector.
Yahaal aims to continue spearheading the competition in the market by enhancing its strong portfolio and accelerating the expansion plan set by the management team to further tap into the industry. The company’s strategy aims to uncover sources of future market growth for baby and child-specific products, while updates the features and services available to parents on the Yahaal App.
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Founder and CEO of Yahaal, Ali AlZankawi said, “We are humbled by the trust and confidence our investors have placed in us in securing the financial means to expedite our expansion plans. At Yahaal, our approach is built on supporting parents through an innovative app that grants convenient access to a variety of baby care and children products that can be delivered in a short period of time. To achieve higher levels of customer satisfaction, we invested in solidifying our operational infrastructure and strengthening the infrastructure of our application by including added features that will enhance the browsing, checkout, and overall online shopping experience.
“While the COVID-19 pandemic interrupted markets across cities and countries, the demand for online shopping has substantially increased. During the early stages of the pandemic, we witnessed a great number of new customers using Yahaal App and we are proud to have retained a great percentage of those customers."
AlZankawi concluded by saying, “Today we are proud of our achievements and the direction we are heading towards despite these unpredictable circumstances. We will spare no effort in utilizing the additional capital to further scale our business model and achieve our strategic vision of supporting families through the application of tech-based solutions and best practices that are in line with international standards.”
The new funds will be allocated towards the company’s expansion plan and development of its operational infrastructure.
Since the soft launch of the Company in December 2017, the local as well as global markets witnessed an increase in the demand for platforms that provide fast and convenient access to products. This transition reflected positively in the progression and growth of online shopping behaviors. Customers are now taking advantage of the latest tech-based solutions to gain access to a wide variety of products with a touch of a button.
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