DUBAI, UNITED ARAB EMIRATES December, 2022 – Earlier this year. Turmeric Capital made an investment from its Growth Fund in Direct-To-Consumer (DTC) fashion leader, The Giving Movement. The Giving Movement is the first GCC sustainable activewear clothing brand utilizing 100% recyclable and biodegradable materials, designed and manufactured entirely in the region. The brand has already become super popular across the whole GCC region with Kingdom of Saudi Arabia becoming its largest market, contributing over 50 percent of revenues.The company opens its flagship retail outlet at Dubai’s Mall of the Emirates later this month.
Financial terms of the transaction were not disclosed, but the fund was the largest investor in the Series-A round, which was also participated in by India’s leading DTC platform Mensa Brands and Knuru Capital, as well as a number of other leading strategic investors.
The Turmeric Capital Growth Fund is focused on investing in the GCC, India and Southeast Asia.
The Giving Movement was founded in 2020 by British national Dominic Nowell-Barnes, who has now made UAE his permanent home. The brand uses 100% recyclable and biodegradable materials to produce activewear constructed with certified sustainable fabrics. With a focus on sustainable and ethical practices, this athleisure brand has established itself as a consumer leader as well as being recently voted as one of the best places to work in the UAE. The Giving Movement’s growing customer base takes pride in its leadership on charitable Giving, which has thus far resulted in a give-back of Millions of Dollars to various causes in the region, including Dubai Cares, which has successfully launched education programs reaching over 20 million beneficiaries in 59 developing countries.
Dominic Nowell-Barnes stated, “Our collaboration with a world-class partner like Turmeric Capital has made our prospects together brighter. The transaction with Turmeric Capital has already helped us to accelerate our growth given their consumer and retail investing credentials. We are proud to share that our year-on year-growth in 2022 will land at over 300% growth post-investment. It has also positioned The Giving Movement to accelerate further market expansion both into Asia and into the US, where we are already generating seven-figure revenues.”
Commenting on the transaction, Ravi Thakran, Chairman Turmeric Capital: “What excites me most about TGM is its commitment to sustainability with zero carbon footprint and 100 percent of the products made from recycled materials. There are very few brands from Asia that have such a relationship with sustainability and I am proud to see TGM staying super focussed on keeping this commitment. This commitment provides them tremendous potential to build a truly world class brand born in Middle East.
Commenting on the transaction, Turmeric Capital’s Partner Zeid Zabian stated, “The sustainable activewear market is experiencing rapid growth regionally and globally, with Kingdom of Saudi Arabia the highest growing market and the UAE a powerful base for global operations. We see huge potential for this exceptional brand. We look forward to working with the dynamic founder of The Giving Movement and his passionate team to scale new heights in the near future.”