Gown rental platform La Reina raises USD 1 mn in in funding round
INVESTMENT WATCH- Gown rental platform La Reina raises USD 1 mn in funding round: Online gown rental platform La Reina announced on Monday (pdf) raising USD 1 mn in Series A funding, in a round led by Egypt’s Algebra Capital Ventures, alongside global venture capital fund 500 Startups. The platform, which allows women to rent evening gowns and wedding dresses from each other, is looking to allocate the funds to expanding its operations, by growing its available collection of dresses to 5,000 pieces by next January, as well as its team. “La Reina is leveraging shifts in consumer behavior driven by technology, and that excites us,” Algebra Ventures Managing Director Ziad Mokhtar said. Similar ideas have succeeded in the US, according to 500 Startups Partner Sharif El-Badawi, who said that “La Reina adapted their strategy and business model around the local nuances and needs on both sides of the marketplace.” The company has helped dress owners earn around EGP 3.5 mn since the company was founded in 2016.