Homzmart raised $23 million in its latest founding round from Riyadh-based venture capital fund STV

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Egyptian e-commerce platform Homzmart raised $23 million in its latest founding round from Riyadh-based venture capital fund STV where Impact46, Outliers Ventures, Rise Capital, and NUWA Capital also participated

Homzmart, which sells furniture and home goods on its platform, stated that the proceeds will be used to expand its logistics capacity by 100 trucks. The startup had previously expanded its services to Saudi Arabia, where it now does 25 to 35 percent of its total activity, according to its CEO Mahmoud Ibrahim. With over 150,000 products on its platform, it now claims to serve 25 million homes in Egypt and the Kingdom.

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Homzmart raised $23 million in its latest founding round from Riyadh-based venture capital fund STV

Egyptian e-commerce platform Homzmart raised $23 million in its latest founding round from Riyadh-based venture capital fund STV where Impact46, Outliers Ventures, Rise Capital, and NUWA Capital also participated

Homzmart, which sells furniture and home goods on its platform, stated that the proceeds will be used to expand its logistics capacity by 100 trucks. The startup had previously expanded its services to Saudi Arabia, where it now does 25 to 35 percent of its total activity, according to its CEO Mahmoud Ibrahim. With over 150,000 products on its platform, it now claims to serve 25 million homes in Egypt and the Kingdom.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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