Furniture based firm Homzmart raises $15 million - MENA startups, innovation, and tech news


Furniture based firm Homzmart raises $15 million

Furniture based firm Homzmart raises $15 million

“Your home should be a story of who you are, and be a collection of what you love.” – Nate Berkus

Egyptian furniture marketplace Homzmart was founded in late 2019 by Daraz’s former COO Mahhmoud Ibrahim and Ibrahim Mohammed who led Jumai’s logistics development in Egypt to make furniture discovery and shopping easier for customers in Egypt.

So what’s so different about this one? The Egyptian startup helps customers by providing them with a large variety of furniture options and sellers to choose from. Not only it helps the customers but also the sellers. In which way you may ask? It helps sellers in expanding their customer base by using its technology and marketplace.

Homzmart is an e-commerce platform that sells home furniture, home décor, lighting, home supplies through a visual community.

Homzmart has raised $15 million in a Series A led by MSA capital and Nuwa capital. It had previously raised around $1.3 million in a seed round in February 2020.

The platform currently features 55,000 products from thousands of brands and merchants and has grown over 30x in terms of sales in the last twelve months. A statement by the startup noted, adding that it now incorporates artificial intelligence and other tools to optimize the content of sellers and help shoppers with their purchasing decisions.

Commenting on the occasion, Homzmart’s co-founder and CEO Mahmoud Ibrahim, said, “We have seized the opportunity to digitize shopping for furniture and home goods. The market opportunity in the region is huge, and our business model is perfectly set up for it. Homzmart provides an easy one-stop-shop platform to transform the experience for furniture sellers and consumers, and we are very excited about our next stage of growth.”

Ben Harburg, the General Partner of MSA Capital, said, “The Covid-19 pandemic exposed the extreme vulnerabilities and inefficiencies of the Middle East’s archaic offline retail ecosystem, logistics, and supply chain. Homzmart as the next generationstepped into the void, digitally-enabled online marketplace, and optimized logistics provider for large-item retail addressing both consumer and enterprise customers.” Sarah Abu Risheh, Partner at Nuwa Capital, said, “Homzmart had already carved a solid trajectory for itself early into the pandemic, in an industry that needed an uplift. The way Mahmoud, Ibrahim, and their team managed to exponentially and continuously grow the business during a global economic slowdown further demonstrates that it is a truly exceptional company.” “Every great design begins with an even better story.

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