Homzmart, the Egypt-based e-commerce platform specializing in furniture and home-goods, announced closing its latest funding rounds, raising $23m.
The pre-series B round included participation from several venture capital firms including Outliers Ventures, Rise Capital and NUWA Capital.
The newly-acquired funds will be used to expand the services offered and fill supply-chain related obstacles.
Despite the continuous number of investments in Homzmart, which now amounts to around $40m, it still has not achieved profitability, and is rather focused on its strategy for expansion and market-share growth.
Read more: Homzmart acquires German technology company Mockup Studio
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