Saudi consortium acquires e-commerce platform GlamBox

Online retailer of beauty products GlamBox on Sunday said a Saudi Arabia-based consortium of investors has acquired the company.

No details on the investors or the value of acquisition were disclosed.

The consortium has diversified interests in media, retail and hospitality and “aims to drive the company’s next phase of growth in Saudi Arabia, the GCC, and beyond,” GlamBox said in a statement.

The Dubai-based startup firm was advised on the transaction by Apostolos Binomakis of Iliad Partners as an independent advisor, it said.

GlamBox was launched in 2012 by co-founders and angel investors Shant Oknayan, Fares Akkad, Christos Mastoras and Marc Ghobriel.

It previously raised more than $4 million in venture capital funding from regional investors including STC Ventures, MBC Ventures, R&R Ventures and other Saudi strategic investors, the statement said.

All shareholders have now sold their stake to the new owners, it added.