HOODS, Egyptian-based live e-commerce platform, is seeking a seed funding round to finance its plans to expand across the region.
HOODS is a live e-commerce platform combining online shopping experiences with entertainment, giving customers a convenient click-to-buy process.
Influencers can better connect with their consumer bases by uploading videos to and live broadcasting on the platform and promoting products.
“HOODS offers a unique experience to both shoppers and sellers through an app that is both easy to use and intuitive,” said Mr Ghalwash, co-founder of HOODS.
The platform was founded in the second half of 2020, with the aim to reimagine consumers’ online shopping experiences.
While the likes of TikTok and Instagram operate e-commerce services, such platforms are unable to cater to consumers’ wishes for instant buying experiences, said the company.
“Traditional e-commerce experiences are missing what is clearly becoming a growing expectation from younger generations,” said Mostafa Hanafy, co-founder of HOODS.
“We’ve built a platform that uniquely fuses shopping and entertainment in a compelling experience that combines the convenience of robust e-commerce with the excitement of live entertainment, and we make sure that products are delivered to the customers’ doorstep with speed and minimum hassle.”
HOODS received $350,000 in a pre-seed funding round earlier this year from angel investors in the entertainment, logistics, venture finance and fintech industries.
The platform used the pre-seed funding round to create a robust platform and partner with finance solutions companies to offer customers various payment methods.
“HOODS works to support younger generations at several levels. We help local brands create professional entertainment content that appeals to the digital consumer,” Mr Hanafy added.
“We also open the door for new influencers to communicate directly with brands and become their digital sales representatives, achieving immediate financial returns for both parties.
“It’s a win-win for everyone and HOODS is set to be the propeller of this new version of digital commerce.”
The region’s e-commerce industry was valued at $29 billion last year and is expected to double by 2026 to top $57 billion, said HOODS.
Live e-commerce is estimated to account for 14 per cent of the e-commerce market in 2026 and rake in $8 billion.
