MSA Capital and Nuwa Capital in Egyptian online furniture marketplace deal
Homzmart, an Egyptian furniture and home goods marketplace platform, has successfully closed a $15 million series A fundraise led by MSA Capital and Nuwa Capital, with participation from investors including Rise Capital, Impact46, EQ2 Ventures, and Outliers Venture Capital.
Hard-launched in Q1 2020, Homzmart was co-founded by Mahmoud Ibrahim, former COO of Daraz, and Ibrahim Mohamed, who was formerly at Jumia and led the company’s logistics development and expansion in Egypt. The wider management team includes former senior executives of Jumia, Rocket Internet and Alibaba.
Homzmart’s easy-to-navigate platform incorporates artificial intelligence to optimise furniture sellers’ content, with intelligent tools helping customers with purchasing decisions. Homzmart has grown sales by over 30 times in the last 12 months, and is tapping into the rapidly expanding 14 million customers in the region who search online for furniture each month. The platform showcases over 55,000 products from thousands of brands and merchants.
Homzmart’s CEO and co-founder Mahmoud Ibrahim said, “We have seized the opportunity to digitise shopping for furniture and home goods. The market opportunity in the region is huge, and our business model is perfectly set up for it. Homzmart provides an easy one-stop-shop platform to transform the experience for furniture sellers and consumers, and we are very excited about our next stage of growth. We are delighted to complete this funding round. It will accelerate our progress to expand regionally and execute our strategy of consolidating the whole value chain. I would like to thank all our investors for their support.”
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