Egypt-based beauty e-commerce platform Source Beauty has raised a six-figure seed funding round from Geneva-based ACE & Company and a group of angel investors.
Founded in 2018 by Lydia Schoonderbeek, Source Beauty sells beauty products directly to customers. It counts more than 3500 products on its platform sourced from 80 local and international brands.
Earlier in the year, the startup raised pre-seed funding to boost its marketing activities, resulting in an increase in its customer base.
“We are thrilled to be working with this prestigious group of investors to help strategically grow our brand even further. Their investment in Source Beauty is a testament to their conviction that we are a promising business in an underserved, yet growing market,” said Lydia Schoonderbeek, founder and CEO of Source Beauty.
“We will continue to focus on our value proposition to our customers and address existing gaps in the market in terms of organic fairtrade beauty and local alternatives,” she added.
The new capital will enable the startup to deepen its market share, develop the platform, scale marketing, grow its brand client base and team.
“It is always refreshing to meet and listen to entrepreneurs and startups with the vision and potential to cause a genuine change in the market. This investment reflects the extent of ACE’s attention given to emerging businesses that contribute to the empowerment of women and to the support of local suppliers. We look forward to seeing Source Beauty grow multiple folds in the next period,” said Sherif El Halwagy, co-ounder and managing director of ACE & Company.