Mojo’s seven-figure seed round oversubscribed

Mojo’s seven-figure seed round oversubscribed

Mojo, the region’s leading social commerce company dedicated to beauty, skincare, and wellness, is thrilled to announce the successful closure of its oversubscribed seven-figure Seed Round. The round, led by prominent investors, marks a significant milestone in Mojo’s journey to redefine social commerce in the beauty and wellness space.

The round includes participation from existing pre-seed investors, Joa Capital and Emkan Capital, as well as new participation by leading regional investors such as Plus VC, Atyab Al Marshoud, Wahed Invest, and several strategic angel investors who have invested in successful startups.

Launched in 2022 by Abdulaziz Al-Bahar, Founder and CEO, and Nadia Al-Hamad, Co-founder and Chief Brand Officer (CBO), Mojo has embarked on a mission to empower beauty-enthusiasts to discover, share, and purchase high-quality beauty, skincare, and wellness products seamlessly through its innovative social commerce platform.

This investment comes after several months of exponential growth for Mojo, which now boasts over 100 leading beauty and wellness brands onboard the platform.

Abdulaziz Al-Bahar, Founder and CEO of Mojo, expressed his excitement about the oversubscribed seed round, stating, “We are thrilled to have received the support of prominent investors as we proceed into the next phase of growth and continue to revolutionize the beauty and wellness industry. Their backing offers a great validation to our steady execution thus far and underscores the confidence in Mojo’s vision and potential to be a true game changer for the industry.”

“At Mojo, our strategy is to provide beauty enthusiasts with the power of social networking combined with online shopping. Today, we are proud to be the first-of-its-kind in the MENA region to offer our users a highly curated selection of products and an authentic space that enables creators to showcase and monetize their content while connecting with new audiences. This unique and novel approach has yielded impressive results with monthly revenue growing 22x last year.

With the successful completion of its seed round, the company plans to allocate the funds towards further developing its industry-leading technology stack, hiring new talent, and strengthening its presence through regional expansion, in particular in Saudi Arabia.

Yousef Al-Yousefi, Managing Partner at Joa Capital, said: “Mojo’s founding team’s exceptional strength and capability have been instrumental in navigating the lucrative but complex beauty and cosmetics market landscape with a highly differentiated product that they continue to fine tune and scale up. We are proud to be part of Mojo’s journey and eager to see the company’s exponential growth in the coming years.”

Hasan Haider, Managing Partner at +VC said: “With the beauty market growing faster in MENA than anywhere else in the world Mojo is at the forefront of the rapidly expanding personal care and wellness business. Innovative players like Mojo provide consumers with more options, curated premium products, and improved accessibility unlocking the enormous potential for development and expansion across the region. We are delighted to collaborate with Abdulaziz, Nadia and the Mojo team, who have a strong track record of commitment and diligence and look forward to supporting them as they embark on their next chapter of growth and pioneer as leaders in this field.”

Through Mojo’s platform, users can explore a diverse range of beauty, skincare, and wellness offerings, earn rewards while doing so, connect with like-minded individuals, share personal recommendations, and share reviews of products with others, whether it’s with all Mojo members or just with your private group of friends. In addition, a key feature is every customer can become a creator, share their innovative content and collect earnings.

 

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