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This article is part of a series on pioneering entrepreneurs in Kuwait that Entrepreneur Middle East has built in collaboration with Kuwait Finance House. Kuwait Finance House is considered a pioneer in Islamic finance or Sharia’a compliant banking, with it being the first Islamic bank established in 1977 in the State of Kuwait, and is today one of the foremost Islamic financial institutions in the world.
Floward, a Kuwait-based flower and gift delivery service, has secured a US$2.75 million funding, led by KSA firm Impact46 fund, with the participation of Faith Capital, BNK and other regional companies.
Founded in 2006 as floral, gift retailer and distribution company, it moved to fill the gap as an online flowers e-commers platform in 2016. The startup was founded by Abdulaziz Al Loughani, who is no stranger to the entrepreneurship scene as he’s also the Managing Partner of Faith Capital, and co-founder and Managing Partner of Talabat.com until 2010. Besides Kuwait, Floward operates in KSA, Qatar, Bahrain and UAE. Acording to its release, Floward has been able to grow its current net revenue to over $30 million and has raised closed to $7 million to date, including its recent funding round.
Like any other businesses, the COVID-19 crisis has affected the startup. “At the beginning, there was a lot of uncertainty on how demand will look like, what business/safety/financial implications would it have on us,” says Al Loughani. To combat this uncertainty, the startup took major cost-cutting initiatives and asset-liability management measures. Though market size has shrunk, Al Loughani notes that e-commerce penetration has