STC Ventures and MBC Ventures, two venture capital firms based in Saudi and UAE, invested $1.3 million in Beauty e-commerce website GlamBox.
GlamBox offers customers a box of trial-size beauty products every month and is launched in 2012. STC Ventures, backed by Saudi Telecom, is managed by European firm Iris Capital and has invested in Careem, ikoo, Gengo and Acadox so far. MBC Ventures is backed by MBC media group and is an investor in Aranim Games, SuperMama and Falafel Games. GlamBox is using the new investment to expand its operations into Saudi Arabia and other markets.
STC Ventures and MBC Ventures are listed in the Middle East Investors Directory with the code SIN1303 and SIN1309 respectively.