Kuwaiti Home Services Platform MyHome Raises $1.75M in Bridge Round
MENA’s home services sector witnessed a 153% increase in year-on-year VC investment, and MyHome hopes to leverage its established position to become a market leader within the coming years.
Kuwait-based on-demand home services platform, MyHome, has raised $1.75 million in a Bridge round led by Rasameel Investment Company and the startup’s early investors and Co-Founders Abdullah Marafi, Mohammed Alawadhi, and Bader Altukhaim. The new funds raise the company’s valuation to $12.5 million ahead of its 2022 Series A.
MyHome, which was launched in 2018, connects users with local technicians, service providers, and suppliers, with over 30 different service categories ranging from air condition maintenance to pet services.
Operating in a Middle Eastern home services sector whose venture capital (VC) funding - according to startup data platform Magnitt - increased by 153% year-on-year, MyHome seeks to disrupt the service industry’s inefficiencies and opaqueness, with its users able to see pre-pricing services to ensure transparency.
Co-Founder Marafi described the sector as “a very fragmented and unorganised market where prices are not clear, quality is hard to assure and services are hard to standardise.”
He was optimistic, though, of the opportunities presented by the market’s transition to one that operates online, saying MyHome was “well-positioned to capture this demand.”
The company stated that the new funds will be directed towards further regional expansion, going beyond its current operations in Kuwait, Riyadh, and Dammam to expand into other Saudi cities, namely Jeddah, Mecca, and Medina, as well as into the UAE and other Gulf countries over the next 12 and 24 months, respectively.
“Over the coming years,” Marafi lays out, “by expanding into new markets, increasing our service offerings and investing in new features, we aim to be a market leader in online home services.”
