Mumzworld, a United Arab Emirates-based online retailer of infant and childcare products that counts diversified conglomerate Tamer Group as an investor, has raised $20m, Forbes Middle East has reported.
The capital was provided by financial services firm Gulf Islamic Investments in the form of series B funding and the deal made GII the company’s largest shareholder.
Founded in 2011, Mumzworld sells goods including child and infant clothing, toys and games, nappies and baby accessories such as strollers or car booster seats.
The funding will support a hiring drive intended to expand the company’s team from 130 to 240 over the next year as well as the scale of its operations, particularly in Saudi Arabia.
The latest investment came after an undisclosed amount of funding from nine investors including Tamer, venture capital firm Wamda Capital and investment banking firm Swicorp earlier this year, Mumzworld founder and CEO Mona Ataya told Forbes.
The company had previously received an undisclosed sum in an early 2016 round co-led by Wamda Capital, media hub Twofour54 and Endeavor Catalyst that included Precinct Partners and WSB Holding.
