Cairo - Mubasher: Egypt-based Homzmart, an online furniture and home goods platform, has raised $15 million in Series A financing, which is the largest capital raise in the Middle East’s online furniture sector.
The capital raise was led by MSA Capital and Nuwa Capital, alongside the other participating investors including Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures, according to a press release on Tuesday.
Launched in the first quarter (Q1) of 2020, Homzmart deploys Artificial Intelligence (AI) to offer customers more than 55,000 products from different brands and merchants.
Homzmart’s CEO and co-founder, Mahmoud Ibrahim, said: "The market opportunity in the region is huge, and our business model is perfectly set up for it. Homzmart provides an easy one-stop-shop platform to transform the experience for furniture sellers and consumers."
MSA Capital’s General Partner, Ben Harburg, remarked: "Into the void stepped Homzmart as the next generation, digitally-enabled online marketplace and optimized logistics provider for large item retail addressing both consumer and enterprise customers."