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Egyptian start-up furniture platform Homzmart investments mount to $40 mln – Reuters.com

Cairo, Aug 1 (Reuters) – Furniture and home go…….

Cairo, Aug 1 (Reuters) – Furniture and home goods e-commerce platform Homzmart last month closed one of the past year’s biggest funding rounds for an Egyptian start-up, raising $23 million from investors led by Saudi Technology Ventures, its chief executive said.

The company will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, co-founder and CEO Mahmoud Ibrahim said in an interview with Reuters on Sunday.

The latest funding round, which included participation from Impact46, Outliers Ventures, Rise Capital and NUWA Capital, brings its total funding to about $40 million so far.

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It raised $15 million in an earlier round that closed in the second quarter last year, after an initial round in which it raised about $2.5 million.

Homzmart started by connecting brands and manufacturers with customers in the Arab world’s most populous nation.

But it found gaps in supply chains that prompted it to create a logistics arm, and now has about 100 trucks.

It also in March acquired Berlin-based home interior design firm MockUp Studio, which uses artificial …….

Source: https://www.reuters.com/world/middle-east/egyptian-start-up-furniture-platform-homzmart-investments-mount-40-mln-2022-08-01/

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