Egyptian online furniture marketplace, Homzmart announced raising $1.3 million in seed funding, according to MENAbytes. The investment was backed by China’s MSA Capital, Oman Technology Fund (OTF), and Equitrust, Choueiri Group’s investment arm, as well as 500 Startups, and others.
Homzmart is an online website, launched last year by ex Jumia employees Mahmoud Ibrahim and Ibrahim Mohamed to bridge the gap between furniture manufacturers and designers and homeowners.
The marketplace showcases over 10,000 units and claimed more than 2,500 positive clients.
Speaking about the potential of the market, Mahmoud, the co-founder and CEO of Homzmart, declared “We are going after a huge market valued at more than $60 billion. There are 25 million people in the MENA region searching for home furnishing every month with no serious player serving them online.”
The website makes the purchase choice easier for the customers, presenting thousands of products and designs, ranging from furniture to home decor and supplies.
For Mahmoud, Homzmart also offers a showroom for any talented designer or manufacturer, who cannot afford the cost of renting a place.
“When a customer is looking to make the purchase, they either go to established brands or ask their friends for a referral which means a lot of good sellers never get discovered by the customers. What we are doing is giving these manufacturers and sellers access to technology and helping them land more sales by reaching out to new customers.” Mahmoud Ibrahim, CEO and Co-Founder, Homzmart
The marketplace delivers the products in one week, whilst consumers can reject them upon receiving, if they didn’t fit the description. There is a 14 day allowance period as well to return or exchange the item.
The startup plans to use the investment to expand its tech, improve its customer experience, and grow the team.
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