Kuwaiti E-Commerce Firm Draws Careem Backer in New Funding Round
- Floward is on its way to profitability, likely next year: CEO
- Firm plans to list within two years, decide on venue in 2021
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An early investor in ride-hailing firm Careem is backing Kuwaiti e-commerce company Floward, which expects to post a profit next year as the pandemic accelerates a shift to online sales.
The company said its series B funding round raised $27.5 million and was led by STV, a Saudi technology venture capital fund that previously invested in Careem, which was acquired by Uber Technologies Inc. for $3.1 billion.