Kenz, a lingerie and intimate wear e-commerce startup, announced today it has successfully closed a six-figure pre-Series A round to extend its operations and grow its brand in the Kingdom of Saudi Arabia.
Kenz, which launched the first bra and shape-wear size calculator in Arabic, aims to help every woman find the right fit and style.
Lingerie is a notoriously difficult product category to fit correctly as over 80 percent of women are wearing the incorrect size. Kenz addresses this common challenge by making fit information and high-quality products accessible to all women across the GCC.
The round was led by Ibtikar Fund, reinforcing their contribution in Kenz's seed round, and included participation from Palestinian, Saudi and American angel investors.
A key participant in the round was Palestinian based investment holding company, the Arab Palestine Investment Company (APIC), an investment holding company with diverse investments spanning manufacturing, trade and distribution with a presence across the MENA region.
“Kenz is thrilled to have APIC's participation in the round and will leverage their distribution and retail experience in Kenz's key market, Saudi Arabia,” said Christina Ganim, CEO Kenz. “Our new investors offer operational and marketing expertise that enable Kenz to grow to the next level and bring us to a position where we can scale rapidly.
The team is excited and ready to simplify the process of finding the right fit, with our proprietary fit tools, excellent customer service, and finely curated lingerie.”
Commenting on the announcement, Ambar Amleh, Partner at Ibtikar Fund, said: “We are excited to join Kenz once again in this round. We are very proud of Kenz's growth and are look forward to supporting them as they continue to expand in the region and become a leader in this industry.”
Founded by Christina Ganim and Nicola Cuoco in 2017, Kenz is primed to gain market share and take advantage of the rapid post-COVID-19 growth of e-commerce in the region, while deepening supply and value chain relationships.
Kenz's team proudly includes 80 percent women, which allows them to be close to their customer base and understand pain points to address them properly. Kenz has focused on supply-chain efficiencies and global partnerships, and this round of funding enables the team to reach a broader segment of women across the Kingdom and enhance its teams in Palestine and Saudi Arabia.
As larger retail giants increasingly focus on their online presence, Kenz will use this cash injection to expand its product selection and technology, and cater to customers' needs and services. Kenz is ready to take on the competition and become a recognized leader in its industry in 2021.
source: wafa
