Cairo-based D2C beauty and wellness startup, Mira Cosmetics, is set to make waves in the industry as it secures a $200,000 investment from Wingoo Investment and Technology. The funding comes on the heels of Mira’s successful production of its inaugural local beauty product, scheduled for launch later this year.
Mira, founded by the visionary entrepreneur Amira Dawood, has rapidly gained recognition for its diverse range of high-quality cosmetic and skincare products. The startup has been making strides in reshaping the beauty industry landscape by addressing the demand for affordable, locally-produced alternatives.
Local Roots, Global Ambitions
Amira Dawood, CEO and Founder of Mira Cosmetics and Skincare, identified a gap in the market for accessible and affordable beauty and wellness products in Egypt. Fueled by the increasing demand for imported cosmetics, often accompanied by hefty price tags in foreign currency, Dawood set out to revolutionize the industry.
In a recent press release, Dawood emphasized the importance of offering high-quality Egyptian products at competitive prices. Her vision is not only to cater to local needs but also to combat the challenges posed by the US dollar shortage affecting e-commerce platforms.
Strategic Investment for Growth
Despite securing a substantial $200,000 investment from Wingoo Investment and Technology, Dawood’s primary focus remains on building a robust Egyptian brand and fostering a loyal customer base. She aims to achieve this by the end of the year before considering further investments to support business expansion.
Anticipating a surge in demand, particularly among the younger demographic, Dawood projects Mira’s customer base to reach 100,000 clients by the close of 2024. The company’s commitment to delivering exceptional quality and customer service sets it apart in a highly competitive market.
Local Innovation, Global Competition
Acknowledging the fierce competition with international products, Dawood highlighted the unique selling points of Mira’s offerings — exceptional quality, affordability, and the pride of being made in Egypt. The company’s current focus is on tailoring products to the domestic market, with plans to establish retail outlets in addition to their online platform.
Amira Dawood underlined the company’s dedication to understanding the needs of their target audience and delivering products that meet those needs with top-notch materials and competitive pricing. The emphasis is not only on attracting online customers but also on creating a physical presence for potential buyers to experience their products firsthand.
Confidence in Egyptian Products
Ahmed Al-Shehabi, CEO of Wingoo for Investments and Technology, expressed confidence in the potential of Egyptian products to compete globally. This confidence prompted the investment in Mira Cosmetics and Skincare. Al-Shehabi highlighted Mira’s strategic plans for expansion and growth, envisioning the company’s presence beyond Egypt, targeting the UAE and Saudi Arabia in the next three years.
As Mira continues to make waves in the beauty and wellness sector, the funding injection from Wingoo Investment and Technology marks a significant step towards achieving its ambitious goals and reshaping the narrative of Egyptian beauty products on the global stage.
Mira Cosmetics
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.