Allen & Overy Advised Aljazira Capital on Floward's USD156 million Investment
Allen & Overy Advised Aljazira Capital on Floward's USD156 million Investment
Allen & Overy acted as legal counsel to Aljazira Capital (AJC) on their investment in Floward, a leading online destination for flowers and gifts in the MENA region. Floward has secured USD 156 million in Series C Pre-IPO investment round, with AJC, STV, L.P., and Rainwater Partners leading the funding.
Announced on February 7, 2023, during Floward's participation in the LEAP technology conference in Riyadh, Kingdom of Saudi Arabia, the transaction will enable Floward to realise its business ambitions of expanding its gifting verticals and relying more on artificial intelligence and machine learning. In addition, it will fund Floward's M&A strategy to support the demands of its growing client base.
AJC is an investment platform owned by Bank Al Jazira that offers Sharia-compliant services and investment products to both individual and institutional clients. The platform is a leader in the field, providing a range of integrated services to its customers.
Floward, an e-commerce platform offering flower and gift delivery services, has a presence in nine countries across the Middle East North Africa (MENA) region, and the UK. In a bid to diversify its offerings, the company has acquired Mubkhar, a premier perfumery brand in the GCC.
Floward's commitment to technology and innovation has earned it a spot in the Saudi Unicorns Programme, which seeks to foster the growth of regional tech start-ups and help them achieve unicorn status, as part of the Saudi Arabian government's Vision 2030 initiative aimed at driving the country's future economy.
According to Ben Ward, the corporate partner who headed the team at Allen & Overy, they are delighted to have assisted AJC as the lead investor in this transaction.
“We have witnessed the significant increase in the volume of venture capital investments in the region, demonstrating the commitment and importance of the technology sector and the crucial role that it will have in our future economy. Our depth of experience in acting for scaling companies and their investors enables us to get to the heart of what is important for each business and its backers when providing growth capital,” Ben Ward said.
