FabricAID announces today the finalization of its 1.6 million USD seed funding round through investments by Wamda and Alfanar.
FabricAID has raised a total of 2.1 million USD since its inception and has multiplied sales in 2021 by a factor of five, resulting in over 70,000 beneficiary consumers served to date. To effectively serve growing needs and demand, FabricAID now employees nearly one hundred full-time employees.
The seed round extended from 2020 until the end of 2021 and totaled 1.6 million USD, which claims to be one of the region’s largest seed rounds for a social enterprise. It included equity investment from venture capital, venture philanthropy impact investment, and angel investors; alongside, development grants and competition awards. Wamda has invested 500,000 USD, giving FabricAID a pre-money valuation of 5 million USD. Alfanar, the Arab region’s first venture philanthropy organization, has joined the round by investing 100,000 USD at the same valuation.
FabricAID previously raised around 500,000 USD in its pre-seed round, which was completed in 2019. FabricAID’s General Manager Omar Itani insists, “This is a stepping stone, not only for us at FabricAID, but for all social enterprises. Yes, we can be profitable, and have a substantial impact at the same time. Yes, we can attract venture capital and serve our community at the same time, yes, it is possible!”
The round will be used to further strengthen FabricAID’s positioning in Lebanon, expanding its operations in Jordan, and launch in Egypt fulfilling its vision of providing clothing for everyone in need in a dignified, sustainable, and environmentally conscious manner.