{"id":325924,"date":"2022-08-02T13:49:57","date_gmt":"2022-08-02T13:49:57","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325924"},"modified":"2022-08-02T13:49:57","modified_gmt":"2022-08-02T13:49:57","slug":"homzmarts-investments-posted-40m-after-solid-launch-in-saudi","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/08\/02\/homzmarts-investments-posted-40m-after-solid-launch-in-saudi\/","title":{"rendered":"Homzmart’s investments posted $40m after solid launch in Saudi"},"content":{"rendered":"

Homzmart \u2014 the Middle East\u2019s one-stop shop for furniture and home goods \u2014 landed a Pre-Series B investment of $23m recently, bringing its total investments up to almost $40. <\/span><\/p>\n

The latest fund included the participation of STV \u2014 the region\u2019s largest technology VC fund \u2014 along with other prominent investors, such as Impact46, Outliers Ventures, Rise Capital, and NUWA Capital<\/span><\/p>\n

The investment comes after the company\u2019s solid expansion to Saudi Arabia earlier this year, accessing a $15bn-market that is growing at 10% CAGR per annum. <\/span><\/p>\n

With more than 45,000 products in its catalogue, Homzmart placed a huge focus on empowering the local Saudi furniture manufacturing sector, doubling down on the 2030 Saudi Vision.<\/span><\/p>\n

The fresh funds follow Homzmart\u2019s initial $17m funding round that was held halfway through 2021. The capital will be used to solidify Homzmart\u2019s mission of optimising the furniture-shopping value-chain. This includes expanding the company\u2019s regional footprint, launching Homzmart\u2019s innovative interior design automation solution (after acquiring Berlin based Mock-up Studio), increasing digital showrooms across MENA, and further developing the company\u2019s logistics operations. <\/span><\/p>\n

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\u2019s leading brands, factories, and artisans.<\/span><\/p>\n

Recently, Homzmart launched its digital showrooms chain in Egypt to tap into the online-offline-online (OOO) strategy, target more consumer segments, and engage with customers directly. <\/span><\/p>\n

\u201cWe are very proud with what the company has achieved so far, we continue to be laser-focused on Homzmart\u2019s vision of digitising the whole home value-chain, empowering local and regional production capabilities with clear impact on the region\u2019s GDP, especially during the global macroeconomic situation. The company will keep investing in its healthy growth, especially after achieving great milestones towards its vision,\u201d said Homzmart\u2019s Co-Founder and CEO Mahmoud Ibrahim.<\/span><\/p>\n

For his part, Ahmad Al-Naimi \u2014 General Partner at Saudi Venture Capital company STV \u2014 asserted that \u201cMENA\u2019s homeware and furniture market is a $80bn opportunity that is offline and fragmented.\u201d <\/span><\/p>\n

\u201cHomzmart has established itself as the de-facto platform to close the gap between manufacturers and consumers and enable and scale local suppliers. We\u2019re excited to back Mahmoud, Ibrahim, and the Homzmart team as they build the next MENA e-commerce giant.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Homzmart \u2014 the Middle East\u2019s one-stop shop for furniture and home goods \u2014 landed a Pre-Series B investment of $23m recently, bringing its total investments up to almost $40.<\/p>\n","protected":false},"author":2,"featured_media":320524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,33],"tags":[],"class_list":["post-325924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest","category-main"],"yoast_head":"\nHomzmart's investments posted $40m after solid launch in Saudi - egy-africa<\/title>\n<meta name=\"description\" content=\"Homzmart \u2014 the Middle East\u2019s one-stop shop for furniture and home goods \u2014 landed a Pre-Series B investment of $23m recently, bringing its total investments up to almost $40.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/08\/02\/homzmarts-investments-posted-40m-after-solid-launch-in-saudi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homzmart's investments posted $40m after solid launch in Saudi - 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