The investment will accelerate the startup’s regional expansion plans.
Homzmart, the Cairo-based furniture e-commerce market-place, has raised a staggering $15 million in a Series A funding round following a $13 million seed round in February 2020. The round was led by MSA Capital and Nuwa Capital, and saw the participation of Rise Capital, Impact46, EQ2 Ventures, and Outliers Venture Capital.
“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,” stated co-founder and COO Mahmoud Ibrahim.
Founded in 2019 by Ibrahim, who had previously served as Daraz COO, and Ibrahim Mohammed, who led Jumia’s logistics development, Homzmart is a platform which already lists 55,000 products from thousands of merchants and brands. It has begun incorporating AI technologies to optimise sellers’ products and help shoppers with purchasing decisions.