Tuesday, 18 May 2021

Homzmart raises USD 15 mn in series A funding

Online furniture marketplace Homzmart has landed USD 15 mn in a series A round led by China’s MSA Capital and Emirati-Saudi VC firm Nuwa Capital, Menabytes reports, citing a statement by the company. Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures have also taken part in the round.

A MENA expansion is in the pipeline: The online platform will use the funding to “expand regionally” as well as boost its value chain, co-founder and CEO Mahmoud Ibrahim said.

The new round of financing brings the total amount raised to USD 17.2 mn. This includes the USD 1.3 mn the startup raised in February 2020 from MSA Capital, the Oman Technology Fund and Choueiri Group’s Equitrust. Nuwa also earlier invested in the Cairo-based platform, but it wasn’t clear how much back then.

Strong performance despite the global economic slowdown: Homzmart had its sales grow over 30x over the past 12 months, the statement read. The company said earlier it aims to get a slice of the USD 60 bn regional market for furniture.

About Homzmart: The Egyptian startup was founded in late 2019 by former Jumia execs Mahmoud Ibrahim (LinkedIn) and Ibrahim Mohamed (LinkedIn), with the platform officially launching in 1Q2020. The platform directly connects suppliers with consumers, showcasing a variety of 55k furniture products from several brands and merchants.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.