Source Beauty Secures Six-Figure USD Seed Round to Expand Presence in Egypt’s Beauty Market
The investment comes just months after the Cairo-based e-commerce platform raised a pre-seed funding round from 500 Startups.
Following a six-figure USD seed round led by ACE & Company and beauty industry angel investors, Cairo-based e-commerce platform, Source Beauty, is looking to increase its market share in Egypt and further develop its growth across the Egyptian market.
Founded in 2018, Source Beauty has seen rapid growth over the past two years. During this time, they have seen their gross merchandise value (GMV) increased six-fold, as well as their offerings increase to over 3,500 products from 80 local and global brands.
Lydia Schoonderbeek, founder and CEO of Source Beauty, expressed her appreciation to the second round investors: “We are thrilled to be working with this prestigious group of investors to help strategically grow our brand even further. Their investment in Source Beauty is a testament to their conviction that we are a promising business in an underserved, yet growing market. I am pleased with our performance and journey to date and look forward to continue listening and addressing our customers’ needs.”
With the new funding, Schoonderbeek and co. plan on growing their team and developing their marketing strategies, as well as investing in the new technologies. They will also aim to inspire and empower women both here in Egypt and abroad, with their business model centering around the tenets of fairtrade, sustainability, cruelty-free, women empowerment and economic development.
