Mojo Announces Highly Successful Seed Stage Investment Round to Develop Social Commerce in Beauty, Skincare, and Health
The funding will be used to enhance Mojo's leading technology, recruit new talents, and expand its presence into Saudi Arabia and beyond
On March 11, 2024, Mojo, the leading company in the field of social commerce specializing in cosmetics and skincare, is pleased to announce the closing of its Seed funding round with multimillion-dollar investments. The round was led by prominent investors, marking a significant milestone in Mojo’s journey to redefine social commerce in the beauty and skincare sector.
The round includes participation from previous round investors, Jawa Capital and Emkan Capital, in addition to new participation from prominent regional investors such as Plus VC, Atyab Al Marshoud, and One Invest, along with several angel investors who have invested in successful companies.
Mojo was launched in 2022 by Abdulaziz Al-Bahr, the founder and CEO, and Nadia Al-Hamad, the co-founder and brand director. Mojo began its journey to empower beauty enthusiasts to discover and purchase high-quality beauty and skincare products easily through its innovative social commerce platform.
This funding comes after several months of tremendous growth for Mojo, with the platform now hosting over 100 leading beauty and skincare brands.
Abdulaziz Al-Bahr, the founder and CEO of Mojo, expressed his happiness with the success of the round, stating: “We are delighted with the support of prominent investors as we continue to the next stage of growth and further develop this field. Their support is a wonderful affirmation of our outstanding execution so far and underscores confidence in Mojo’s vision and potential to make a real revolution.”
“At Mojo, our strategy is to provide the power of social interaction for enthusiasts of these products through e-commerce. We are proud to be among the first in the MENA region to offer our users a carefully curated range of products and an authentic space for content creators to showcase their content and profit from it while engaging with a new audience. This unique and innovative approach has yielded remarkable results with monthly revenue growth of 22 times over the past year.
With the successful completion of the investment round, the company plans to allocate the funds to further develop its leading technology platform, recruit new talents, and enhance its presence through regional expansion, particularly in Saudi Arabia.
Youssef Al-Yousefi, Managing Partner at Jawa Capital, said: “The strength and capability of Mojo’s founding team have been exceptional in navigating the complex and lucrative beauty and cosmetics market with a distinctive product they continue to improve and expand. We are proud to be part of Mojo’s journey and look forward to seeing the company’s tremendous growth in the coming years.”
Hassan Haider, Managing Partner at Plus VC, said: “With the rapidly growing beauty market in the MENA region more than anywhere else in the world, Mojo is at the forefront of their rapid expansion in this field. Innovative players like Mojo provide consumers with more options, curated excellent products, and improved market access, opening up tremendous potential for development and expansion throughout the region. We are pleased to collaborate with Abdulaziz, Nadia, and the Mojo team, who have a track record of commitment and hard work, and look forward to supporting them as they embark on the next chapter of growth and innovation as leaders in this field.”
Through the Mojo platform, users can explore a variety of beauty, skincare, and health offerings, earn financial rewards while doing so, connect with like-minded individuals, share personal recommendations, and share product reviews with others, either with all Mojo users or just with their group of friends. Additionally, the key feature is that every customer can become a content creator, share their innovative content, and profit from it.
