Homzmart closes USD 23 mn pre-series B round
Homzmart just closed one of Egypt’s largest funding rounds this year: Furniture and home goods marketplace Homzmart has closed a USD 23 mn pre-series B round, it said in a statement (pdf) yesterday. The round saw participation from Saudi VC STV as well as existing investors including Impact46, Outlier Venture Capital, Rise Capital and Nuwa Capital.
About Homzmart: Founded in 2019 by former Jumia execs Mahmoud Ibrahim (LinkedIn) and Ibrahim Mohamed (LinkedIn), the platform’s B2C marketplace allows customers to purchase furniture products from a variety of brands and merchants. The company serves 25 mn households in Egypt and Saudi Arabia and has more than 150k products in its marketplace, it said.
Homzmart entered the Saudi market at the end of last year after tripling its local operations and in January said it was eyeing expansion into South Asian markets. It also made a pretty interesting M&A transaction back in March, adding a core technology to its business with the acquisition of Berlin-based AI interior design startup MockUp Studio.
** Mahmoud Ibrahim was recently our Founder of the Week: He talked to us about what led him to setting up his own company and shared some advice for aspiring founders.