Egypt: Fashion rental platform raises seed round from 500 Startups, Algebra Ventures, others
Cairo-based La Reina, the online fashion rental service, has raised an undisclosed six-figure investment from 500 Startups, Algebra Ventures and some angel investors in its seed round. The newly raised funds have been deployed to expand its team and launch its newest fashion subscription service, The Box. This new innovative product is available on the La Reina app and website. It is the first-of-its-kind in the Middle East delivering unprecedented fashion services to women in the corporate industry and aims at encouraging fashion sustainability.
La Reina was founded by Amr Diab and Ghada Eltanawy in 2016. The Box is a new innovative product of La Reina, recently conceptualised by Eltanawy. It is an actual box which provides its members with day-to-day clothing of their favourite brands delivered to their doorstep every week for a subscription fee. Members can select clothes on the La Reina app or from their pre-styled selection on their website based on their preferences and style. The Box collaborates with renowned fast-fashion brands such as Zara, Massimo Dutti, Mango, Stradivarius, and many more to provide the members with the newest collection to be used and returned in a week guaranteeing best value for money.
Commenting on the announcement, Eltanawy, CEO and co-founder said, “We are proud to have such prominent investors backing us. They have supported some of the most disruptive companies in the region and are confident that La Reina has great potential as it forges along enhancing its offerings to become pioneers in the rental fashion space.”
“We created The Box to offer practical shopping solutions for women who lead busy lives but are also keen on looking their absolute best every single day. We want our members to become versatile in how they dress up while also encouraging them to create a very minimal wardrobe.”
Sharif El-Badawi, managing partner for the MENA region at 500 Startups said, “Though Covid-19 has triggered seismic shifts in shopping behaviour, we are impressed with how Ghada and her team have worked hard to quickly pivot its strategy to cope with this new era and keep the fashion clothing accessible to its customers. We are excited to support La Reina as they continue expanding their product offerings and forge ahead as pioneers in this fashion rental space.”
Reach Africa’s private equity community by publishing a Showcase Article, Job Opportunity or Event on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.