EGYPT – Homzmart, the Middle East’s leading furniture, and home goods marketplace platform, has acquired MockUp Studio extending its consolidation of the furniture value chain.
MockUp Studio uses artificial intelligence and advanced computer vision and digitizes furniture shop images rapidly and efficiently.
The technology understands images to accurately mix and match items based on interior design guidelines.
The acquisition indicates Homzmart’s success in implementing its strategy to consolidate the whole home goods and furniture value chain.
The integration between MockUp Studio and Homzmart will allow consumers to visualize their furnished home and explore different layouts with a 360-degree view over a short period of time.
The platform has the backing of investors including MSA Capital, Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.
The result for consumers is a perfect visualization of their desired space, they can also view, and interact with, Homzmart’s entire catalog with simple clicks.
It is anticipated that the full home visualization and interior design experience will be available to Homzmart’s consumers in the fourth quarter of the year.
“We are delighted to complete this acquisition in Germany and start integrating MockUp Studio’s technology into Homzmart’s product family,” said Mahmoud Ibrahim, Homzmart’s CEO and Co-founder.
“We have been very clear that our intention is to grow rapidly, expand regionally, and consolidate the whole furniture value chain.”
The technology also considers the size, room layout, and furniture layout of the desired space. MockUp Studio’s algorithms fetch the optimum furniture to match user styles and the room architecture.
According to Ibrahim, the acquisition follows Homzmart’s rapid growth with operations in 2021having tripled in size, following huge consumer demand.
The platform showcases more than 55,000 products from thousands of brands and merchants, it is tapping into the rapidly expanding US$80 billion industry where 14 million customers in the region search online for furniture monthly.
In November, the Cairo-based expanded into Saudi Arabia – a US$15 billion market, growing at 10% CAGR per annum.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE