Golden Scent raises revenue-based investment from Dubai's Tenami Capital

Golden Scent raises revenue-based investment from Dubai's Tenami Capital

By Press Release, 10 August 2023

Tenami Capital, a DIFC-based revenue-based investment firm, announced on Tuesday (8/8) the closing of its largest investment to date in Golden Scent, the market-leading e-commerce platform for fragrance and beauty products in the MENA region. The specific deal value remains undisclosed. 

Led by co-founders Malik Al Shehab and Ronny Froehlich, Golden Scent was founded in September 2014 as a pure fragrances e-commerce platform serving the GCC region. The company has since expanded to become the market leader in online fragrances in the MENA region, with operations and warehouses in the KSA and UAE and delivering to over 80 countries worldwide. 

With over 2 million shoppers, millions of visitors monthly, and 7 million downloads since its launch; Golden Scent has powered its way to a leadership position in Saudi Arabia and the GCC’s e-commerce shopping space and it is now poised for breakaway growth for the coming 3 years. Golden Scent’s ongoing success has been strengthened by its highly engaged customers, due to the high level of brand trust and loyalty; in addition to Golden Scent harbouring over 20,000 fragrances from over 1000 brands, being the world’s biggest library of Arabic, Niche, and international perfumes. Over 100 of those are Saudi-born, Arabic fragrance brands. The company constantly aims to maintain its position as the preferred shopping destination for all fragrance and beauty lovers. 

The revenue-based investment in Golden Scent builds on Tenami Capital’s growing track record and expertise in supporting regional entrepreneurs and founders of digital businesses. Tenami Capital’s revenue-based investment also signifies an important milestone for Golden Scent, which will utilise the capital to enhance product offering, expand its geographic footprint and advance operational efficiencies.  

Zohaib Patel, Managing Partner, Tenami Capital, said: “Over the past decade, Malik, Ronny, and the Golden Scent team have built an impressive business with consistently strong growth and a loyal and growing customer base. We share the founders’ excitement for the future and are delighted to partner with them to accelerate Golden Scent’s growth trajectory. This latest announcement marks our second investment in recent months and demonstrates our strong deal pipeline of regional businesses with sizeable and growing revenues that are seeking non-dilutive, value add capital.”  

"Tenami Capital’s investment is a tremendous validation of our achievements so far and our potential going forward," said Malik Al Shehab, co-founder and CEO of Golden Scent. "We highly value the founder-friendly approach of Tenami Capital and look forward to working together to take Golden Scent to even greater heights, expanding our product range and reaching more customers across the region. We remain grateful to all our shareholders and partners for their hard work, support, and guidance in helping us develop into a truly regional champion.”

Related: DIFC reaffirms position as global hub for finance, innovation, and talent attraction with strong H1 2023 results


Send us your press releases to

Related Report

Riyadh Startup Ecosystem

The Evolution of Saudi Arabia Startup Ecosystem 2010-2022

The first comprehensive overview of Saudi's startup ecosystem, its history, and its future. The Special Report hosts perspectives and insights from many of the country’s most active investors, highlights new investment trends, critical milestones hit by the Kingdom’s fast-growing startup ecosystem, and spotlights a handful of interesting startups coming out of the Kingdom. It is packed full of insights, data, and opinions from the thought leaders and market-makers in the Kingdom. Readers will gain a deep understanding of the unique factors driving Saudi Arabia's entrepreneurial spirit, the challenges faced by startups, and the opportunities that lie ahead. This report serves as an invaluable resource for anyone looking to navigate and invest in this vibrant and rapidly evolving market.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems