Egypt: Beltone Venture Capital backs home décor brand
Ariika, an Egypt-based direct-to-consumer, digital-led home and décor brand, has successfully completed its Series A equity funding round. The funding was secured from Beltone Venture Capital, a part of Beltone Financial Holding, which now holds a 20% stake in Ariika. This investment boosts Ariika’s plans to grow across the MENA region, with an initial focus on Saudi Arabia by Q4 2023.
Khaled Attallah, the CEO and co-founder of Ariika, said, “With our relentless focus on a compelling product, customer service and profitable growth, we continue to outperform our peers, gain market share and distinguish ourselves as one of the fastest growing digital-first, design-led, home brands. We are a value-based brand focusing on our people, customers, quality, and profits. Our focus since day one is to build a sustainable model that is operationally profitable and growing disproportionately with solid unit economics while putting our customers in the centre of everything we do.”
Ali Mokhtar, CEO of Beltone Venture Capital added, “We are excited to support Ariika and its leadership team to achieve their vision and lead the home and décor sector in the MENA region. Ariika is considered the most promising company within an encouraging sector that commanded strong operational performance over the last couple of years. With Ariika’s ambitious expansion plans set in place, the company is well positioned to become the leading supplier of home and décor products to all households in the region.”
White & Case, El-Boraie Law Firm and Van Doorne were legal advisors on the transaction.
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