Egypt-based furniture and home supplies marketplace, Homzmart, has raised $23 million in its Series B funding. Participants in the Series B round include venture capital fund STV, Impact46, Outliers Ventures, Rise Capital, and NUWA Capital.
By the second quarter of last year, the startup had raised $17.5 million. This additional round brings its total funding to about $40 million.
The startup says it will use the funding to finance the development of its logistics offering, improve its existing products and expand its product suite.
Homzmart has come a long way from where it started. It went from being a bridge between customers and manufacturers of furniture and home good brands to being a marketplace with a logistic arm facilitated with about 100 trucks.
Homzmart expanded to Saudi Arabia earlier this year and now accounts for 25–30% of the total business volume from the region. It also acquired Berlin-based home interior design firm MockUp Studio in March. Mockup uses artificial intelligence to create designs.
The startup has more than 150,000 products on its platform and serves 25 million houses in Egypt and Saudi Arabia.
Source: techgh24.com