Beauty and wellness platform Powder Beauty raised undisclosed Pre-series A funding
The pre-Series A funding round for Powder Beauty, the first female-owned and run e-commerce platform for conscious beauty and wellness products in the Middle East, has been successfully closed.
Sara and Magnus Olsson led the round through their new business, Sophia Collective, and NKEHL, a family office fund run by Nithin and Nikhil Kamath, the illustrious founders of Zerodha. A number of well-known regional angel investors also participated in the round, including Shark Tank Arabia star Maha Taibah. With this additional funding, Powder Beauty will be able to expand its operations in Saudi Arabia and satisfy the growing demand for clean beauty in a market that is currently estimated to be worth $8.7 billion and is expected to grow to $39 billion by 2033, as per this report.
With a focus on educating its clientele and providing the best sustainable and conscious products in the area, Powder Beauty has swiftly become a leader in the clean beauty industry.
“With this funding round, we’re driven to build on our leading position in this largely untapped but fast-growing market,” said Ayat Toufeeq, co-founder and CEO of Powder Beauty. “We’re delighted to have received this support from investors like the Sophia Collective, a platform whose vision aligns strongly with ours.”
A community-based platform called The Sophia Collective is devoted to empowering, supporting, and closing the investment gap that confronts female entrepreneurs.
“Female-founded startups received only 1% of Middle East VC funding in 2023. The gender gap is evident in entrepreneurship in the MENA region. That’s why we’re excited to support Powder Beauty in their journey to build a successful business,” said Sara Salhab, founder of the Sophia Collective. “We see great potential in the clean beauty industry and are confident in the Powder Beauty team’s ability to lead this movement in the Middle East.”
Offering discriminating consumers a selection of sustainable, cruelty-free, and clean beauty brands from domestic and foreign suppliers is the main goal of Powder Beauty. The launch of new brands that are exclusive to the area and the addition of new product categories to their current lineup, which currently consists of skincare, haircare, makeup, and wellness products, will be made possible by this investment round, which will mark a significant milestone for the e-commerce platform.
“The multi-billion-dollar beauty industry sells primarily to women, but its biggest companies continue to be run mostly by men,” states Marriam Mossalli, co-founder and CMO of Powder Beauty. “Therefore, I’m very keen to have more female investors become owners within the beauty industry, shifting their role from simply consumer to shareholder.”
Powder Beauty is poised to redefine beauty standards throughout the Middle East with this new capital infusion and strong industry backing, making sustainable and ethical beauty products accessible to everyone.
