The corporate team at Penningtons Manches has advised Kuwait based start-up Snapbook on its multi-tranche seed funding round of $1.5 million by Faith Capital, a Kuwaiti venture capital firm.
Established in 2015, Snapbook has dominated the Gulf Cooperation Council photo printing market, becoming the MENA region’s leading and only fully fledged internet photo publishing service. Snapbook’s base of operations is in Kuwait, but it has international sales in Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman, and over 40 other countries. The new funding will be used to bolster its ongoing operations and impressive growth with the aid of the Faith Capital team’s expansive professional resources and regional expertise.
Corporate partner David Tighe led the Penningtons Manches team, assisted by associate Attilio Leccisotti.
Commenting on the deal, David Tighe said: “It was a pleasure assisting Snapbook with this funding round. At a time when we are seeing continued growth in the funding of early stage companies across the MENA, we were pleased to apply our VC expertise to help secure this substantial seed investment for Snapbook. We look forward to working with Snapbook on the next phase of its development.”
Penningtons Manches’ involvement in the deal is another example of the strength of the venture capital team in advising clients on both venture and growth capital transactions in the technology sector. The team has closed in excess of 60 VC and fundraising transactions in 2018 for the year to date.