Tech in Africa
MENA-focussed Egypt furniture and home goods marketplace e-commerce startup Homzmart is expanding its operations to the Kingdom of Saudi Arabia. The company’s Saudi platform will work with top international brands across the entire KSA ecosystem. Some of the brands are Al Rugaib Furniture and Al-Motlaq Furniture.
Homzmart looks to give Saudi Arabian shoppers a hassle-free, one-stop-shop shopping experience for their furniture and home goods. Consumers in KSA want access to tens of thousands of products from a wide selection pool of brands and merchants. The same applies to flexible financing options all provided for by Homzmart.
Ecommerce in KSA is ever-growing and is estimated at $15 billion. The Kingdom is also constructing new houses as part of its national housing development programme. Homzmart is looking to capitalize on the huge market opportunity presented by the new Saudi market which has a high expenditure on household items.
Homzmart CEO Mahmoud Ibrahim said, “KSA consumers and SMEs want this convenience now, and we are delighted to offer it to them.”
The company runs a highly experienced team with experience from top companies such as Uber, McKinsey & Company, Jollychic, MAF, and Justlife. Homzmart’s platform runs on Artificial Intelligence that optimizes the furniture seller’s content using intelligent tools helping customers with their purchase decisions.
The expansion was expected after closing a $15 million Series A in May – the largest round in MENA region of this sector. We shared information on the raise that was led by global investment firm MSA
Capital and Nuwa Capital. Other participating investors were Impact46, Rise Capital, EQ2 Ventures, and Outliers Ventures.
