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Sunday, 28 November 2021

Homzmart launches in KSA this week

Furniture and home goods marketplace Homzmart is launching in Saudi Arabia this week after tripling the size of its Egypt operations this year, according to a press release (pdf). The expansion will give Homzmart access to a USD 15 bn market that is growing at a rate of 10% annually.

About Homzmart: Founded in 2019 by former Jumia execs Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart connects suppliers with consumers, showcasing 55k furniture products from different brands and merchants. In May of this year, the company landed USD 15 mn in a series A round from China’s MSA Capital and Emirati-Saudi VC firm Nuwa Capital, bringing the total amount raised by the company to USD 17.2 mn. Other investors included Rise Capital, Impact46, EQ2 Ventures and Outliers Ventures.

ALSO FROM PLANET STARTUP- Digital legal advisor Hekouky has raised an undisclosed amount in a pre-seed round from Saudi-based ​Nama Ventures, according to Wamda. The Cairo-based startup, which bills itself as a one-stop-shop legaltech platform, will use the funding to expand its business across Egypt. It aims to help entrepreneurs and business owners register trademarks and incorporate their companies under Egyptian law. Hekouky had earlier this year been selected to take part in a Google-led three-month digital accelerator program. The startup was founded this year by Mayy Abdelbary (LinkedIn), the former CTO of payroll consultant PayNas, Hala Riad (LinkedIn), a corporate lawyer, and Fatma Khalil (LinkedIn), an accountant-entrepreneur.

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