The transaction, announced on 7 February 2023, during Floward’s participation in the technology conference LEAP in Riyadh, KSA, will support Floward with their business ambitions to further invest in expanding its gifting verticals and relying more on artificial intelligence and machine learning, as well as fund their M&A strategy to support the demands of their increasing client base.

AJC is a leading investment platform owned by Bank Al Jazira, providing Sharia compliant offerings through a range of integrated services and investment products to individual and institutional clients.

Floward is an online flower and gifting company operating in nine countries across the MENA region and the UK. It has recently acquired Mubkhar, the leading perfumery brand in the GCC in an effort to expand its gifting verticals. Additionally, it has been selected for the Saudi Unicorns Programme. The programme aims to promote the use of technology by supporting regional tech start-ups to expand globally and achieve unicorn status, as Saudi Arabia prepares for the future economy as part of Vision 2030.

Corporate Partner Ben Ward, who led the Allen & Overy team commented: “We are extremely pleased to have supported AJC as lead investor on the transaction. We have witnessed the significant increase in the volume of venture capital investments in the region, demonstrating the commitment and importance of the technology sector and the crucial role that it will have in our future economy. Our depth of experience in acting for scaling companies and their investors enables us to get to the heart of what is important for each business and its backers when providing growth capital.”