Mubasher: UAE-based online floral marketplace Floranow has fully acquired Bloomax, a wholesale distributor of fresh-cut flowers in Saudi Arabia, according to a press release.

The transaction, which is funded by both debt and equity, enabled Floranow to expand its operational footprint in the Kingdom, with a direct presence in nine Saudi cities.

Noushad Gafoor, Chairman of Bloomax, will join Floranow’s executive team and remain in charge of KSA operations.

Established in 2016, Floranow processed more than 150,000 orders, with over 1,100 customers, positioning the company for MENAT’s anticipated cut-flower market growth.

The MENAT region’s current market size is valued at $1.15 billion, with the Saudi market set to grow at a 6% compound annual growth rate (CAGR).

Charif Mzayek, Founder and CEO of Floranow, commented: “Our successful strategy remains digitising the traditional flower market, to enable direct, transparent, and efficient transactions between sellers and buyers across the world."

“We look forward to growing further there and - in tandem - prioritising the career paths of KSA nationals, especially women," Mzayek added. 

Meanwhile, Gafoor said: “Combining Bloomax’s existing footprint with Floranow’s transformative technologies is an exciting platform for growth, and will greatly improve the importer/distribution process. We are excited about our future together.”