Egypt-Based Furniture Marketplace Homzmart Raises $23M Pre-Series B
Founded in 2020 by Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart is a one-stop shop that allows customers to purchase furniture and home supplies from a variety of brands.
Homzmart, an Egypt-based furniture and home supplies marketplace, has just closed one of Egypt’s largest funding rounds this year with a $23 million pre-Series B round from STV, Impact46, Outliers Ventures, Rise Capital and NUWA Capital.
The latest funding round brings the total amount raised by Homzmart to $40 million, including a $15 million Series A round in 2021 and a $1.3 million Seed round in 2020.
Founded in 2020 by Mahmoud Ibrahim and Ibrahim Mohamed, former executives from online marketplace Jumia, Homzmart is a one-stop shop that allows customers to purchase furniture and home supplies from a variety of brands and suppliers.
Revenue in Egypt’s e-commerce market is projected to reach $7.74 billion in 2022, with an annual growth rate of 19.43% between 2022 and 2025, according to Statista. Some startups driving this growth in Egypt include Cartona, a B2B e-commerce platform, which raised $12 million in July 2022; The Fashion Kingdom, a fashion e-commerce startup, which raised $2.6million also in July 2022; and Mylerz, an e-commerce fulfillment startup, which raised $9.6million in May 2022.
Homzmart currently services 25 million houses in Egypt and Saudi Arabia ,and has more than 150,000 products on its platform. The company will use the new funding to build market share and expand its services.