Moodfit, one of the first online interior design platforms in the MENA region, closed a $400,000 seed investment round from Seeders Angel Group and IM Capital, Impact Fund by Middle East Venture Partners (MEVP), and iSME Capital.
This investment follows over a year of operating in Beirut and Dubai, during which Moodfit proved its model and gained traction in both countries.
Moodfit was cofounded in Lebanon in 2016 by Ghassan Abi Fadel, Tarek Jaroudi, andMohamad Sabouneh. It is a platform that offers an online home furnishing and decoration service from professional interior designers. Through Mo odfit’s platform and design tools, clients get to choose the designer who would submit a design that fits their style and furniture budget. Once the design is finalized, Moodfit then saves its clients the hassle of shopping by coordinating the delivery of furniture and decoration from the local suppliers to the clients’ place.
The investment round will allow the startup to further grown in Lebanon, and to be begin scaling across the GCC starting with the UAE, said Sabouneh.
“The interior design and furniture industry in the MENA region is estimated at over $20 billion and it is yet to be disrupted by technology. Moodfit aims to take this industry online and democratize interior design by changing it from a complex and expensive task to a convenient, enjoyable and affordable online service,”Sabouneh said.
“We have a very exciting product roadmap ahead of us which includes integrating AR/VR, machine learning and other cool features into our platform that solve key pain points and will allow us to further streamline our operations,” he added.
Nicolas Rouhana, IM Capital’s general manager, said: “The team has the right elements to make Moodfit a market leader in the region and is very responsive to the technical support we are offering them through coaching and mentoring. We forecast a great potential growth.”