#Kuwait beauty startup Boutiqaat in new funding talks, eyes unicorn status -sources - Reuters

Kuwait beauty startup Boutiqaat in new funding talks, eyes unicorn status -sources - Reuters:

Kuwait beauty e-commerce startup Boutiqaat is in early talks with banks to raise between $100 and $150 million in its latest funding round, tapping a burgeoning venture capital market in the Middle East, sources familiar with the deal said.

The company, whose platform offers virtual stores for Gulf and Arab celebrities and social media influencers to sell products they endorse, is fast growing and ranks as the one of most valuable technology start ups in the region.

Founded in 2015 by Kuwaiti entrepreneur Abdulwahab Alessa, Boutiqaat currently offers more than 25,000 beauty products for sale through its website and mobile apps, according to information on its website.

Last year, the company said it doubled its valuation to $500 million after a fundraising exercise, without disclosing the amount of money raised.