Floward, online flowers and gifts destination in MENA and UK, raised $156 million in a Series C Pre-IPO investment round led by Aljazira Capital, Rainwater Partners, and STV.

The company will utilize the funds to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning to elevate its customer experience and meet the demands of its ever-growing customer base in the region.

Floward will also use the funds to roll out its mergers and acquisitions strategy, as it plans to consolidate and invest in local brands that champion different categories of its target gifting verticals.

Floward recently acquired Mubkhar, the leading brand defining authentic standards of perfumery in the GCC, in November 2022.

“We are proud to announce the successful closing of our investment round led by Aljazira Capital, Rainwater Partners, and STV. We would like to extend our gratitude for their trust in our team which has achieved remarkable results and driven the company’s valuation to grow by 3.8x since our last funding round a year and a half ago amid the challenging global investment climate. Our commitment to the region has delivered 50 million flower stems in 2022, created more than 1,000 direct jobs, and partnered with +400 brands and local talents who have produced some of the best brands on a global scale,” Abdulaziz B. Al Loughani, Chairman and CEO of Floward, said.