Cairo-based furniture eCommerce commercial center Homzmart has brought $15 million up in a Series A drove by MSA Capital and Nuwa Capital, it reported in an articulation today. The round additionally incorporated the interest of the Rise Capital, Impact46, EQ2 Ventures, and Outliers Venture Capital. It had recently brought $1.3 million up in a seed round in February 2020. Homzmart was established in late 2019 by Daraz’s previous COO Mahmoud Ibrahim and Ibrahim Mohammed who drove Jumia’s coordination improvement in Egypt to make furniture revelation and shopping simpler for clients in Egypt. Its foundation right now includes 55k+ items from a large number of brands and vendors and has become over 30x over the most recent year, an assertion by the startup noted, adding that it currently joins AI-powered innovation and different instruments to advance the substance of dealers and help customers with their buying choices. The Egyptian startup assists clients by giving them a huge assortment of furniture choices and merchants to browse and for dealers, Homzmart makes it simple to grow its client base by utilizing its innovation and commercial center.
“We have seized the opportunity to digitize shopping for furniture and home goods. The market opportunity in the region is huge, and our business model is perfectly set up for it. Homzmart provides an easy one-stop-shop platform to transform the experience for furniture sellers and consumers, and we are very excited about our next stage of growth,” said Mahmoud Ibrahim, co-founder, and CEO of Homzmart.
“The Covid-19 pandemic exposed the extreme vulnerabilities and inefficiencies of the Middle East’s archaic offline retail ecosystem, logistics, and supply chain. Into the void stepped Homzmart as the next generation, digitally-enabled online marketplace, and optimized logistics provider for large-item retail addressing both consumer and enterprise customers,” said Ben Harburg, the General Partner of MSA Capital.
“We are delighted to complete this funding round. It will accelerate our progress to expand regionally and execute our strategy of consolidating the whole value chain. I would like to thank all our investors for their support. Mahmoud and his team’s execution excellence, born out of deep experience managing eCommerce and fulfillment in challenging conditions with Jumia and Daraz, and guided by Chinese best practices from Alibaba, has resulted in a firm that has rapidly become the dominant online marketplace, fulfillment, and finance facilitator for all merchants and brands in the region,” said the former Rocket Internet executive. He also helped expand Daraz across multiple markets in South Asia.
“Homzmart had already carved a solid trajectory for itself early into the pandemic, in an industry that needed an uplift. The way Mahmoud, Ibrahim, and their team managed to exponentially and continuously grow the business during a global economic slowdown further demonstrates that it is a truly exceptional company,” said Sarah Abu Risheh, Partner at Nuwa Capital.