Egypt-based live entertainment commerce platform, Hoods, has received funding from valU, the region’s top Buy-Now, Pay-Later (BNPL) financial platform. 

With its investment, valU hopes to take use of Hoods’ distinctive platform to enter the rapidly expanding online retail market and diversify its offerings for both potential and current valU consumers and merchants.

Just two months ago, valU announced the acquisition of Paynas, a fully-fledged employee management and benefits business that offers financial services to micro, small, and medium-sized enterprises (MSME), as well as the acquisition of a recent minority stake in Kiwe, the first youth social payment app that makes it easier to onboard Egypt’s unbanked population.

This year, the startup raised $350,000 in a pre-Seed investment round.

Read also Egypt-based Fintech valU Acquires Minority Stake In Social Fintech Kiwe

Why valU Invested

“This investment in Hoods is a testament to valU’s focus on partnering with unconventional marketplaces, platforms, and companies that align with our vision which is centered on developing trendsetting solutions across our digital ecosystem that truly focus on creating seamless and convenient experiences that add value to the daily lives of people across the board. By tapping into this exciting space, we gain access to Hoods’ technology and community, which allows us to offer them convenient financing solutions as they shop online. Meanwhile, we are enabling valU’s expansive merchant network to be featured on Hoods’ live shopping platform, which will drive more demand and provide valU’s customers with access to a disruptive platform that will elevate their shopping experience,” valU’s Head of Strategy and Market Expansion, Habiba Naguib, said. 

Hoods’ Founder, Mostafa Hanafy, “Our passion stems from our inherent drive to create valuable, life changing experiences that shape and create markets. Thus, we are very excited today to be partnering with a leading player in the fintech space like valU to elevate Hoods’ offering to consumers and to expand its client base. valU’s investment has further cemented our confidence in the attractive future that the virtual shopping space holds. By creating change in this ecosystem, we have built a new market, that has created new and exciting experiences for our clients. The investment by valU will also allow us to expedite our growth plans and achieve more impact in the market.”

Read also Shoprite to Invest in Local Tech Startups

Hoods’ co-founder, Waleed Ghalwash, has also praised the transaction, saying, “We have built a platform that uniquely fuses shopping and entertainment in a rich experience that offers both the convenience and the excitement of live entertainment through a robust e-commerce platform. We make sure that products are delivered to the customers’ doorstep with speed and with as little hassle as possible. This unique partnership with valU will allow us to provide a payment solution that hammers on affordability, which will further improve the shopping experiences of our consumers.”

A Look At What The Startup Does

In late 2020, Mostafa Hanafi and Waleed Ghalwas launched Hoods. The live shopping experience provided by Hoods is innovative and user-friendly, and it is one-of-a-kind. It has been effective in drawing a sizable and expanding consumer base. By creating a digital application that unites the retailer, content producer, and consumer on a single platform for engaging in social interaction and carrying out retail transactions in an entertaining way through a seamless experience. Hoods has revolutionised online retail by enabling customers to examine the things they want in an entertaining live format.

Virtual shopping is quickly replacing traditional internet shopping as consumers’ preferred manner of doing so on a worldwide scale, particularly in the wake of the pandemic. As opposed to traditional e-commerce, Hoods uses movies created by individuals employing creative content to create distinctive and engaging product displays for buyers. Hoods has established itself as a distinctive omnichannel solution by providing consumers with a platform where they can engage with influencers and brands to see their desired products come to life. This combines in-person buying with the efficiency and convenience of online shopping.

Read also Egyptian Fintech Startup Money Fellows Raises $31M In Series B Funding Round

The deal supports valU’s pledge to invest in businesses that advance its aim of improving customer lifestyles. The transaction will also enable valU to advance its strategy of providing resources and capital to help people and businesses build better lives and better businesses, fundamentally maintaining a commitment to financial inclusion, and producing long-term value and beneficial effects for the communities the company continues to serve.

e-commerce Hoods platform e-commerce Hoods platform

MEST Africa Challenge announces the top 5 finalists going into final stage of the competition

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