In 2019, Egyptian household startup Homzmart set out with a mission to connect home professionals with homeowners who can browse home designs, furniture, accessories, and products.
Two years down the line, the founders now have cause to smile as they have secured a $15 million Series A investment from foreign venture capitalists.
They include China’s MSA Capital, Nuwa Capital, EQ2 Ventures, Impact46, Outliers Capital, and Rise Capital.
The new investment gives Homzmart the opportunity to address the home needs of customers and get in touch with them to make their homes to their taste.
It has already adopted Artificial Intelligence (AI) to its operations.
“As a marketplace, we stand between the supply and demand. So we connect furniture and home goods suppliers with consumers. It’s almost like a big hassle to buy furniture in Africa and the Middle East. And I think it’s a pain all over the world when it comes to having a place that you can shop all your needs when it comes to home products.”Mahmoud Ibrahim, CEO Homzmart
Homzmart promoters hope tap into the Middle East’s $80 billion housing industry where 14 million customers in the region search online for furniture monthly.