GlamBox Middle East, an online subscription service for beauty products, has been acquired by a consortium of investors based in Saudi Arabia for an undisclosed amount.
The unidentified buyers have diversified interests in media, retail and hospitality and plan to drive the company’s next phase of growth in Saudi Arabia, the GCC and beyond, according to a press release.
The Dubai-based startup was formed in 2012 by co-founders Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel. Prior to being acquired, GlamBox had raised more than $4 million in funding from regional investors including STC Ventures, MBC Ventures, R&R Ventures and Saudi investors.
GlamBox’s founders, STC Ventures, MBC Ventures and R&R Ventures all sold their stake to the new owners.
“We are excited about GlamBox’s next phase of growth and regional expansion. The KSA consortium which has acquired GlamBox brings a wealth of knowledge and experience, particularly in Saudi Arabia, the region’s largest beauty market,” said Matthieu Guinard, GlamBox’s CEO.
Guinard joined GlamBox as CEO in 2016, and helped grow the company’s subscriber base five-fold over the last year.
Glambox helps those subscribers discover the latest trends in makeup, skincare, hair care and fragrances. For a fee, subscribers receive a box with 4-5 beauty products delivered to their doorsteps each month. Over the years the e-commerce platform developed partnerships with more than 200 international beauty brands, and developed operations in the U.A.E. and Saudi Arabia.
“This is a testament of what can be achieved with a strong team and operational execution. As GlamBox joins the growing list of successful MENA startups that have achieved an exit, this is an additional validation of the opportunity in tech and digital in the region,” said GlamBox co-founder Christos Mastoras, who’s now founder and managing partner of the venture capital firm Iliad Partners.