{"id":17963,"date":"2022-08-02T13:56:51","date_gmt":"2022-08-02T13:56:51","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=17963"},"modified":"2022-08-03T19:27:40","modified_gmt":"2022-08-03T19:27:40","slug":"homzmart-closes-23-million-series-b-funding-round","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/08\/02\/homzmart-closes-23-million-series-b-funding-round\/","title":{"rendered":"Homzmart closes $23 million Series B funding round"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nHomzmart, e-commerce platform for home <a href=\"https:\/\/www.meretailnews.com\/2022\/07\/04\/buy-now-pay-later-platform-valu-partners-with-amazon-in-egypt\/\">furniture<\/a>, home d\u00e9cor, lighting and home supplies, closed a Series B round worth $23 million, funded by venture capital firms STV, Impact 46, Outliers Ventures, Rise Capital and NUWA Capital.<\/p>\n<p>The Egyptian-based platform will use the financing to expand services, with a focus on its logistics.<\/p>\n<p>Homzmart also intends to fill gaps in its supply chain, which previously caused problems and led the platform to create a logistics arm and purchase 100 trucks.<\/p>\n<p>In May, Homzmart <a href=\"https:\/\/www.meretailnews.com\/2022\/05\/19\/egypts-homzmart-brings-commercial-arm-to-saudi-arabia\/\">expanded<\/a> its commercial operations to Saudi Arabia, aiming to expose <a href=\"https:\/\/www.meretailnews.com\/2022\/06\/22\/egyptian-ar-furniture-e-commerce-start-up-launches-in-ksa-and-uae\/\">Egyptian<\/a> furniture manufacturers and brands to the regional market and develop the platform\u2019s volume of regional trade.<\/p>\n<p>In addition, Homzmart intended to capitalise on the kingdom\u2019s furniture industry, which is estimated to top $334.7 million by the end of the year and $585.4 million by 2025, rising at a compound annual growth rate of 20.48 per cent, according to market research firm Statistsa.<\/p>\n<p>\u201cThe percentage of activity in the kingdom is now between 25 per cent and 35 per cent of the total volume of Homzmart business,\u201d Mahmoud Ibrahim, co-founder and CEO of Homzmart, told <em>Reuters<\/em>.<\/p>\n<p>Last May, the e-commerce platform received $15 million in a Series A funding round from Omani-based investment firm MSA Global, bringing its total funding to approximately $40 million to date.<\/p>\n<p>Founded in 2020, Homzmart has since tripled its operations, keeping pace with their consumers\u2019 demands.<\/p>\n<p>Digitisations of their operations has accelerated and improved logistics services by 80 per cent and reduced costs by 30 per cent.<\/p>\n<p>Homzmart\u2019s commercial headquarters are stationed near Damietta, the Middle East\u2019s hub for furniture manufacturing.<\/p>\n<p>The platform offers more than 150,000 homeware products from numerous retailers, including IKEA and Home Centre, and has served 25 million houses in Egypt and Saudi Arabia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egyptian-based e-commerce platform of furniture items closed latest round of financing, worth $23 million.<\/p>\n","protected":false},"author":39,"featured_media":17964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[3973,4085,2734],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17963"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=17963"}],"version-history":[{"count":3,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17963\/revisions"}],"predecessor-version":[{"id":17989,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/17963\/revisions\/17989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/17964"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=17963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=17963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=17963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}