Homzmart, an Egypt-based online goods and furniture buying platform in MENA ( Middle East and Northern Africa) announced that it raised USD 15 Million in Series A funding round. The funding round was led by Nuwa Capital and Co-led by MSA Capital.
The other participants in this round were EQ2 Ventures, Impact46, Outliers Capital, and Rise Capital. Last year in 2020, the company raised 1.3 million in a seed funding round. According to the company, now they have accumulated an amount of USD 17.2 million.
Words from the investors –
“The pandemic exposed the extreme vulnerabilities and inefficiencies of the Middle East’s archaic offline retail ecosystem, logistics and supply chain. Into the void stepped Homzmart as the next-generation, digitally enabled online marketplace and optimized logistics provider for large-item retail addressing both consumer and enterprise customers.” – Ben Harburg, the MSA general partner
“Another reason for investment is the vast experience of both founders in e-commerce and fulfilment. Mahmoud was the VP of Operations for Jumia Egypt before becoming the Group COO of Daraz, a Southeast Asian company acquired by Alibaba in 2018. Mohamed is also a Jumia alumnus and was part of the logistics development and expansion team in Egypt. “ – he added
About the company –
Homzmart is a company that provides an eCommerce platform for buying furniture, lighting, and home decor supplies online. It was started in 2017 by Mahmoud Ibrahim. Its marketplace gathers price range, designs, and other different details of the products provided by its retailers. It also tackles the impedance of the high cost of distribution and brings out flexible financial options for the customer.
The company says that the platform uses AI for content optimisation and tools to aid customers to decide for purchase. In the initial years’ company focused on the supply and demand of the products they offered; later on, it strategized how to expand across MENA, and aiding fast-growing consumers.
Words from the CEO –
“As a market platform, we stand between supply and demand. So we connect furniture and home goods suppliers with consumers. It’s almost like a big hassle to buy furniture in Africa and the Middle East. And I think it’s a pain all over the world when it comes to having a place that you can shop all your needs when it comes to home products.” – CEO Mahmoud Ibrahim.
“At the beginning, we were apprehensive and not sure how customers would react to buying furniture during the pandemic in the Middle East online platforms. So we’re actually amazed by the traction as it seemed like the region was waiting for something like this to happen.” – he added.
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