Homozmart, an Egyptian Furniture marketplace Startup has secured $15 million Series A funds to expand its business. The Series A was led by MSA Capital and Nuwa Capital.
Homozmart was founded by Daraz’s former COO Mahmoud Ibrahim and Ibrahim Mohammed in 2019. The platform currently features 55,000 products from thousands of brands and merchants.
The purpose of the Egyptian startup is to help customers by providing them with a large variety of furniture options and sellers to choose from and for sellers, Homzmart makes it easy to expand their customer base by using its technology and marketplace.
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. Into the void stepped Homzmart as the next generation, digitally-enabled online marketplace, and optimized logistics provider for large-item retail addressing both consumer and enterprise customers.”
“Mahmoud and his team’s execution excellence, born out of deep experience managing e-commerce and fulfilment in challenging conditions with Jumia and Daraz, and guided by Chinese best practices from Alibaba, has resulted in a firm that has rapidly become the dominant online marketplace, fulfilment, and finance facilitator for all merchants and brands in the region,” he added.