Egyptian Online Furniture Marketplace Homzmart Raises $1.2 Million Seed Round
Less than two months after launching, Homzmart has raised on of the biggest seed rounds by an Egyptian startup.
Cairo-based ecommerce startup, Homzmart, has raised one of the biggest seed rounds by an Egyptian startup, with an investment of USD 1.2 million coming via China’s MSA Capital, the Oman Technology Fund and Equitrust, as well as 500 Startups and other undisclosed investors.
The startup was founded at the end of 2019 by Mahmoud Ibrahim and Ibrahim Mohamed, both of whom bring a wealth of ecommerce experience from their time at Rocket Internet’s Jumia; the former as VP of operations and the latter responsible for logistics development and expansion in Egypt.
The platform, which connects furniture manufacturers with vendors and customers, aims to fill the gap left by a lack of online marketplaces in MENA that specialise in furniture, while additionally saving vendors the cost of establishing a showroom.
Right now, there are over 10,000 SKUs operating Homzmart and over 2,500 customers have shopped on the website, which allows customers to pay cash-on-delivery. The platform already has an edge on offline stores in terms of delivery, boasting a seven-day delivery period, and a 14-day window of return. Additionally, customers can reject a product upon delivery if they’re unsatisfied with its quality or if it doesn’t match the description on their website.
This investment will mean that the startup will expand the team, increase the range of products showcased on the site and develop its tech.
