The investment comes after the company’s solid expansion to Saudi Arabia earlier this year, accessing a US$15 billion market that is growing at 10% CAGR per annum.
The fresh funds follow Homzmart’s initial US$17 million funding round that was held halfway through 2021. The capital will be used to solidify Homzmart’s mission of optimising the furniture-shopping value-chain.
This includes expanding the company’s regional footprint, launching Homzmart’s innovative interior design automation solution (after acquiring Berlin based Mock-up Studio), increasing digital showrooms across MENA, and further developing the company’s logistics operations.
Furthermore, the company achieved 300% y-o-y growth in 2021. It also serves more than 25m households between Egypt and Saudi with over 150,000 unique products in catalogue from the region’s leading brands, factories, and artisans.
“We are very proud with what the company has achieved so far, we continue to be laser-focused on Homzmart’s vision of digitising the whole home value-chain, empowering local and regional production capabilities with clear impact on the region’s GDP, especially during the global macroeconomic situation,” said Homzmart’s Co-Founder and CEO Mahmoud Ibrahim.
“The company will keep investing in its healthy growth, especially after achieving great milestones towards its vision.”
“Homzmart has established itself as the de-facto platform to close the gap between manufacturers and consumers and enable and scale local suppliers. We’re excited to back Mahmoud, Ibrahim, and the Homzmart team as they build the next MENA e-commerce giant.”