Egypt- Cairo based eCommerce start-up, Dresscode has announced on 6th August, 2020, that it has secured a six-figure US dollar seed financing from Egypt Ventures. The funds will be utilized to expand the product range and expand in other markets.
Established in the year 2018, by Ali Zakaria and Mohamed Abdel Dayem, Dresscode is an e-commerce retail Platform as a Service (PaaS) which has household products, beauty products and female clothing bridging the gap between Egyptian manufacturer and consumers.
The company provides its platform to local fashion brands and designers to market and sell their products while offering its customers a one-stop-shop for stylish quality products at affordable prices.
As the textile industry of Egypt is one of the highest contributor to the GDP, it brings the opportunity of massive market with greater share in the market to the start-up.
“We are trying to solve a problem that many manufacturers, brands, and suppliers face, which is how to reach the consumer. Many factories produce great material and products, that are exported everywhere in the world, but these factories lack the marketing and branding aspects, hence they go to merchants to sell the products which take a big portion of their margins, and offer them the worst payment terms,” said Dayem.
The company has seen a rapid growth during the pandemic, which accelerated the process with Egypt Ventures to raise the capital in order to grab the opportunity and expand operations for maintaining this growth. The company claims to deploy the investment to grow its team and roll out new product offerings, as well as start offering next-day and same-day deliveries.
“We have managed to reach 9,000 monthly recurring users without any funding – consumers are always seeking a better offering and we worked hard to offer them what they are looking for. For many years consumers lacked affordable, durable products to depend on rather than imported products, that are usually expensive and not the best quality,” Zakaria said.
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