Koko cosmetics is set to receive a $50-million investment from a consortium led by Al Jazeera’s Middle East Bureau chief, after a successful crowdfunding campaign.
Al Jazeera has been contacted by the Kuwaiti government for comment.
Koko, a popular luxury cosmetic brand which has a global reach, was founded in 2006 in Dubai by former US Navy SEALs, as part of the global marketing push for the Al-Watan brand.
Since the company launched, it has raised over $100 million in venture capital, according to the company’s website.
“Koko has a long history of pioneering beauty products, creating iconic brands that appeal to the most discerning women around the world,” Al Jazeera World Service’s Alina Aljoubi said.
“And it’s the most diverse brand in the market, with products designed for a wide range of ethnicities, races and religions, and with global reach.”
This investment is a big step in Koko’s evolution, and reflects the strong support we have received from Aljazeera.
“In a statement to Al Jazeera, the Kuwait Ministry of Foreign Affairs said the fund would allow the company to continue expanding its global reach and improve its quality standards.”
We are pleased to see Koko Beauty’s funding, which will help the brand to continue to expand its reach in the Middle East and beyond,” the statement said.
Aljouabi, who previously reported from Kuwait on Koko, added: “Koko is a global brand that has established itself as a leader in beauty and has a reputation for high-quality products, including Koko Body Care.”
I think the Koko Foundation is really important for the brand’s continued success, and the foundation is going to be extremely helpful to Koko as it expands into new markets, like the United States and Canada.”
Koko was founded by Al Qusayni, a former Iraqi politician, and his daughter, Kana Al Qussayni.
Al Quzayni is the founder and president of Kuwait’s largest cosmetics brand, Al Qumran, and also runs the Al Qamran Group.
Al Jazeera has contacted Al Qudayniyah’s Foreign Ministry for comment on the deal.