Cairo-based Homzmart raises $1.3 million seed
Cairo-based furniture marketplace Homzmart has raised $1.3 million in a seed round, the startup told MENAbytes today. The investment which according to our data is one of the largest seed round raised by an Egyptian startup came from China’s MSA Capital, Oman Technology Fund (OTF), and Choueiri Group’s investment arm Equitrust. 500 Startups and some other strategic investors also joined the round.
Mahmoud, the co-founder and CEO of Homzmart, speaking to MENAbytes said that they started Homzmart to solve pain points of both customers and furniture manufacturers, “We are going after a huge market valued at more than $60 Billion. There are 25 million people in the MENA region searching for home furnishing every month with no serious player serving them online.”
Founded late last year by Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart is an ecommerce marketplace that connects furniture manufacturers and vendors with customers, selling furniture online. The platform showcases different designs to help customers personalize their ideas and vision for their home, and bring it to reality, a feature the founders see as an important part of the furniture purchasing decision.