Egyptian start-up Homzmart raises $15mln

Use fund to accelerate regional expansion plans

  
An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

DUBAI - Egyptian start-up Homzmart, a furniture and home goods e-commerce platform, said on Tuesday it had raised $15 million which it would use to accelerate regional expansion plans.

Homzmart, launched in 2020, says it connects brands and manufacturers with end customers.

The Series A funding round was led by MSA Capital and Nuwa Capital, Homzmart said in a statement. Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures also participated.

Homzmart Chief Executive and co-founder Mahmoud Ibrahim said the company planned to expand across the Middle East and North Africa and consolidate the whole value chain, citing "huge" market opportunity.

"We are very excited about our next stage of growth," he said.

Homzmart, which has over 55,000 products listed on the platform, has raised $17.2 million to date, including the latest funding round, it said.

(Writing by Alexander Cornwell; Editing by Susan Fenton) ((Alexander.Cornwell@thomsonreuters.com;))

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