Online marketplace Homzmart bags $15m in Series A funding

Homzmart, a Middle East-based furniture and home goods marketplace platform, has closed a $15 million Series A funding round.

This was led by MSA Capital and Nuwa Capital. Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures also participated.

Hard launched in Q1 2020, Homzmart was co-founded by Mahmoud Ibrahim, former COO at Daraz, and Ibrahim Mohamedm, who previously worked ar Jumia and led the company’s logistics development and expansion in Egypt.

القسط يحل كل حاجة🤩.. اشتري اللي نفسك فيه من عروض موبيليا مادنس دلوقتي وقسط براحتك مع ValU على 60 شهر من غير مقدم. كمان خصم %15 حتى 1500 جنيه 😉.
ادخلوا على اللينك وشوفوا كل العروض:https://t.co/BdwQKM7d7m #موبيليا_مادنس_مع_هومزمارت pic.twitter.com/eaiRHlL7TN
— homzmart (@homzmart) March 24, 2021

The wider management team includes former senior executives from Jumia, Rocket Internet and Alibaba.

Homzmart’s platform incorporates artificial intelligence to optimise furniture sellers’ content, with intelligent tools helping customers with purchasing decisions.

Ibrahim says: “We have seized the opportunity to digitise shopping for furniture and home goods. The market opportunity in the region is huge, and our business model is perfectly set up for it.”

“Homzmart provides an easy one stop shop platform to transform the experience for furniture sellers and consumers, and we are very excited about our next stage of growth.”

“We are delighted to complete this funding round. It will accelerate our progress to expand regionally and execute our strategy of consolidating the whole value chain.”

MSA Capital’s General Partner, Ben Harburg, says: “The Covid-19 pandemic exposed the extreme vulnerabilities and inefficiencies of the Middle East’s archaic offline retail ecosystem, logistics, and supply chain.”

“Into the void stepped Homzmart as the next generation, digitally enabled online marketplace and optimised logistics provider for large item retail addressing both consumer and enterprise customers.”

“Mahmoud and his team’s executional excellence, born out of deep experience managing e-commerce and fulfilment in challenging conditions with Jumia and Daraz, and guided by Chinese best practices from Alibaba, has resulted in a firm that has rapidly become the dominant online marketplace, fulfilment, and finance facilitator for all merchants and brands in the region.”