Tamer Group acquires majority stake in Mumzworld
E-commerce platform, Mumzworld has been acquired by Saudi Arabia's Tamer Group for a majority stake in the company. Financial details of the transaction were not disclosed. Tamer Group is one of the largest regional healthcare distributors with its consumer and nutrition divisions and logistics services.
Founded a decade ago by Mona Ataya and Leena Khalil, Mumzworld is a pioneers of e-commerce focused on the mother, baby & child vertical in the Middle East. It claims to have served over 2.5 million customers to date. Mumzworld’s website receives over a million visitors every month, and its Android app has over half a million downloads, according to publicly available data.
In a statement, Mona Ataya, CEO and co-founder of Mumzworld, shared that the company has recorded 10x growth over the last five years and “is better positioned now to accelerate growth, drive wider geographic expansion and continue to build a tech footprint serving customers better than ever. We will continue to own the supply chain for mother and child; both our customers and suppliers are at the forefront of this next exciting phase for Mumzworld."
Ayman Tamer, Chairman of Tamer Group, added “We are extremely excited to announce our acquisition of Mumzworld. The deal coincides with our 100 year anniversary - operating as the largest healthcare distributor in the region, and major player in FMCG, logistics and beauty care - and this is a further, hugely significant, milestone for Tamer Group. We believe that E-commerce is the future for the GCC. As a major player in the FMCG space, E-commerce is no longer an option, but a necessity. The world has shifted to a customer-centric model with consumer behaviours, trends and data having become the new gold. Players in the space need to understand their customers, and adapt to their changing needs. Mumzworld will be a steppingstone towards “Tamer Digital” - a very ambitious vertical we intend to build to serve the nation, working towards delivering on Saudi’s Vision 2030.”
The Dubai-based startup has raised over USD 50 million in total financing so far, including a USD 20 million Series B in October 2018. Its other investors include Wamda Capital, Global Ventures, Endeavor Catalyst, and Saned Partners.