Investment in MENA e-commerce start-up Homzmart rises to $40 mln after latest round

Investment in MENA e-commerce start-up Homzmart rises to $40 mln after latest round

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.

For the latest headlines, follow our Google News channel online or via the app. 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