Investment in MENA start-up Homzmart rises to $40 million after latest round | Reuters
Furniture and home goods e-commerce platform Homzmart has closed one of the past year's biggest funding rounds for a Middle Eastern and North Africa start-up, raising $23 million, its chief executive said.
The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, co-founder and CEO Mahmoud Ibrahim said in an interview with Reuters.
The latest pre series B round funding round, which included participation from Riyadh-based technology venture capital fund STV, Impact46, Outliers Venture Capital, Rise Capital and Nuwa Capital, brings its total funding to about $40 million.
It raised $15 million in an earlier round that closed in the second quarter of last year, after an initial round in which it raised about $2.5 million.
Homzmart started by connecting brands and manufacturers with customers in the Arab world's most populous country. But it found gaps in supply chains that prompted it to create a logistics arm, and now has about 100 trucks.
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