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Riyadh: Aynola, a startup that developed and sells the first and only Saudi patented portable bidets, today announced plans to launch a rewards-based crowdfunding campaign to raise at least USD 2 million to fund Rawash Version 3.
The first Rawash version hit the market in March 2019, selling at brick-and-mortar stores and online via various outlets, including the company's official e-commerce store.
Taking into consideration customer feedback, Rawash Version 2 was launched in 2020 with material upgrades, increased water pressure, as well as charging capability via USB. Thousands of units have been sold through social media campaigns on Instagram and Facebook, mostly in the United States, the United Kingdom, and Canada.
Rawash Version 3, designed to be a home-based product, is tailored for non-bidet markets and slated for launch in early 2021.
"Crowdfunding represents a novel way to raise funds that attract open-minded people looking for innovative solutions to everyday problems. Since Rawash Version 2 has already made it past many hurdles with respect to financing and production, we are confident in employing this strategy as a way to finance the Rawash Version 3," commented Ghaida Alatiwy, Founder of Aynola.
"Crowdfunding gives us an excellent opportunity to pitch an innovative product to the general public that can improve their lives. On the other hand, it helps us raise funds and obtain valuable feedback that we can use later for future marketing strategies," she noted.
A report by Research and Markets expects the global crowdfunding market to witness a growth at a CAGR of over 16% between 2020 and 2025, with reward-based crowdfunding anticipated to grow significantly.
Currently, over 46% of Rawash sales are coming from the UAE and Kuwait. Once the travel markets are fully open across the Middle East, the startup expects brisk sales in other countries, specifically Saudi Arabia.
"Since the Rawash Version 2 is a travel-related product, we trust that the COVID-19-related restrictions will significantly lift in 2021, making expansion into new markets possible and increasing share in existing markets," asserted Alatiwy.
Aynola’s two other brands - Yoshi and Aleena - are still in manufacturing stages and will enter the marketing and sales process later this year.
As countries open up for tourism, Aynola is considering angel investment to provide the necessary capital to boost production and accelerate marketing strategy.
"This seems to be the natural route to take at this time because many investors are looking to forgo current stock market volatility and invest their money in projects that have long-term potential," said Alatiwy.
"Aynola produces novel, useful and in-demand products such as the Rawash and the Yoshi, an investment like this could present an excellent opportunity for individuals looking to diversify their investment portfolios," she concluded.
-Ends-
For media inquiries including interview requests, please contact:
Ghaida Alatiwy
Founder of Aynola
Email: galatiwy@aynola.com
Meghna Gulwani
Account Executive, MPR PR
Email: meghna@mpr.com.sa
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© Press Release 2020
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