Egypt: E-commerce fashion platform raises seed funding
The Fashion Kingdom (TFK), Egypt’s curated fashion, beauty and home accessories e-commerce marketplace, announced the successful completion of a $2.6 million seed funding round.
The round was co-led by CVentures, Egypt’s first corporate venture capital firm, and early-stage venture capital investor A15. New participating investors include Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures and The Cairo Angels.
The co-founders Fadi Antaki, Marianne Simaika and Karim Abd El Kader launched TFK in July 2020 with the purpose of helping local fashion entrepreneurs and brand owners sell online, serving customers through an affordable and convenient shopping experience and creating meaningful careers for young and emerging talents.
Fadi Antaki, founder and chief executive officer at The Fashion Kingdom said, “We are delighted to announce The Fashion Kingdom’s $2.6 million seed fund raise. The support of new and existing investors is a proud moment for the entire team.
“TFK is a curated marketplace much needed by the rapidly growing fashion e-commerce world. Our market opportunity is vast, and the drivers underpinning it – compelling. We have grown by more than 3.3x in the last year, and the online customer groups we cater to, are only growing larger. Our competitive differentiators, plus access to our investors’ wealth of knowledge and regional expertise, positions us perfectly to become the market leader in Egypt and beyond.”
Shady Tadross, director at CVentures said, “TFK’s digital launchpad for fashion, beauty and home accessory brands conforms well with Egypt’s rapidly moving e-commerce scene, essentially enabling small and large brands to sell online as the company makes shopping easy and accessible for a large and growing target audience. CVentures is excited at the prospect of working closely with TFK, and we look forward to helping Fadi, Marianne and Karim achieve their vision and grow into additional markets.”
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