Homzmart successfully closed its US$15 million Series A financing – the largest round in this sector in the Middle East to date.
The capital raise was led by MSA Capital, a global investment firm with over $1.5 billion in assets under management, and Nuwa Capital. Other participating investors include Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.
Hard-launched in Q1 2020, Homzmart was co-founded by Mahmoud Ibrahim, former COO of Daraz, and Ibrahim Mohamed. Ibrahim was formerly at Jumia and led the company’s logistics development and expansion in Egypt. The wider management team includes former senior executives of Jumia, Rocket Internet and Alibaba.
Homzmart has grown sales by over 30x in the last twelve months, and is tapping into the rapidly expanding 14 million customers in the region who search online for furniture each month. The platform showcases over 55,000 products from thousands of brands and merchants.
Homzmart’s platform and its end-to-solutions enable both retailers – including the likes of IKEA and Home Centre by helping them easily reach customers – and also consumers who have a hassle-free, one-stop-shop shopping experience, with greater choice and flexible financing options.
Homzmart’s easy-to-navigate platform incorporates Artificial Intelligence to optimize furniture sellers’ content, with intelligent tools helping customers with purchasing decisions.
Whilst focused on the regional market opportunity, Homzmart has strategically launched operations in close proximity to Damietta City, Egypt. This allows Homzmart to streamline the region’s vertical industry supply chain.
Homzmart’s CEO and co-founder, Mahmoud Ibrahim, said: “We have seized the opportunity to digitize shopping for furniture and home goods. The market opportunity in the region is huge, and our business model is perfectly set up for it. Homzmart provides an easy one-stop-shop platform to transform the experience for furniture sellers and consumers, and we are very excited about our next stage of growth.
“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.”
