Egyptian Furniture Platform Homzmart Raises $23m In Pre-series B Round
Homzmart, an Egypt-based e-commerce site focusing in furniture and home items, announced the completion of its latest investment round, which raised $23 million.
Several venture capital firms, including Outliers Ventures, Rise Capital, and NUWA Capital, participated in the pre-series B investment.
The newly obtained monies will be utilised to expand services and address supply-chain issues.
Despite repeated investments, which currently total over $40 million, the company has yet to attain profitability and is instead focused on its expansion and market-share development strategy.
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What The Startup Does
Founded late 2019 by Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart is an ecommerce marketplace that connects furniture manufacturers and vendors with customers, selling furniture online.
The platform showcases different designs to help customers personalize their ideas and vision for their home, and bring it to reality, a feature the founders see as an important part of the furniture purchasing decision.
Both the founders have a solid ecommerce background. Mahmoud started his ecommerce career with Rocket Internet’s Jumia in 2012 serving Jumia Egypt as VP Operations and then went on to join Daraz, the leading ecommerce platform of South Asia as a Managing Director for Pakistan. He was Daraz’s Group COO when the company was acquired by Alibaba for an estimated $200 million. Ibrahim is also a Jumia alumnus and used to lead company’s ‘logistics development and expansion’ in Egypt.
Read also Egyptian e-Furniture Retailer Homzmart Raises $15 million Series A
Mahmoud said that they started the startup to solve pain points of both customers and furniture manufacturers.
Homzmart furniture Homzmart furniture
Charles Rapulu Udoh
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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh
