Homzmart, an Egypt-based furniture marketplace, has raised US$1.3 million in seed funding to help build out its platform.
Founded last year by Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart is an e-commerce marketplace that connects home furnishing manufacturers and vendors with customers, selling furniture online.
The startup has now raised US$1.3 million in seed funding from MSA Capital, Oman Technology Fund (OTF) and EquiTrust, with participation from 500 Startups among other strategic investors, in order to develop its platform.
Homzmart focuses on the home furnishing sector in the MENA region, showcasing different designs to help customers personalise their ideas and vision for their home and bring it to a reality.
Ibrahim said he and Mohamed started Homzmart to solve the pain points of both customers and furniture sellers and manufacturers. The funding will be used to scale the startup’s technology, enhance its customer purchasing experience, grow its selection, and hire talent.
“We are going after a huge market valued at more than US$60 billion. There are 25 million people in the MENA region searching for home furnishing every month with no serious player serving them online,” he said.