The Egyptian startup will also look to expand its team with the undisclosed investment from 500 Startups, Algebra Ventures and angel investors.
Cairo-based fashion rental platform, La Reina, has announced an undisclosed, six-figure seed round investment from 500 Startups and Algebra Ventures - who both previously invested $1 million in the startup in 2018 - alongside an additional group of angel investors.
The Cairo-based online hub was founded in 2015 by Amr Diab and Ghada El Tanawy and allows dress owners to connect directly to potential renters. Naturally, it has found particular success when it comes to wedding gowns and currently has 100,000 users.
The investment will be used to expand the La Reina team, as well as launch the startup’s new subscription service, The Box. Intended for working women in particular, the service sends subscribers clothing from their favourite brands day-to-day for a fee.
“We created The Box to offer practical shopping solutions for women who lead busy lives but are also keen on looking their absolute best every single day,” El Tantway said of Le Reina’s new venture. “We want our members to become versatile in how they dress up while also encouraging them to create a very minimal wardrobe. Such an approach stresses the importance of fashion sustainability, The Box helps with decreasing the fashion footprint by 85% with each subscriber making it a game-changer that shapes the future of fashion and how we consume it.
Some may also see it as a solution for a post-Corona world, as the pandemic has accelerated the need for automation and home delivery in a number of different sectors. “Though Covid-19 has triggered seismic shifts in shopping behaviour, we are impressed with how Ghada and her team have worked hard to quickly pivot its strategy to cope with this new era and keep the fashion clothing accessible to its customers,” aid managing partner at 500 Startups MENA, said. “We are excited to support La Reina as they continue expanding their product offerings and forge ahead as pioneers in this fashion rental space.”
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