Dubai-based subscription box startup GlamBox Middle East has been acquired by a Saudi Arabia-based consortium of investors, it announced today.
Launched in 2012, GlamBox operates on a subscription e-commerce model like US-based Birchbox—for a nominal fee, it sends its subscribers a box with four to five beauty samples of makeup, skincare, hair care, and fragrances.
Co-founded by Shant Oknayan, Fares Akkad, Christos Mastoras, and Marc Ghobriel, the startup had previously raised over $4 million in funding from regional investors including STC Ventures, MBC Ventures, and R&R Ventures.
GlamBox claims to have developed partnerships with 200 plus beauty brands and built a large subscriber base of loyal customers.
The founders of GlamBox has since moved on. Oknayan and Akkad are both currently employed at Facebook, while Mastoras is now founder and managing partner of Iliad Partners, a VC firm that invests in early-stage technology startups in MENA.
Current GlamBox CEO Matthieu Guinard stated that the KSA consortium which has acquired GlamBox brings a wealth of knowledge and experience, particularly in Saudi Arabia, the region’s largest beauty market.
The group also has diversified interests in media, retail, and hospitality.