Egyptian e-commerce platform Homzmart has raised $23 million in its latest founding round, closing one of the biggest rounds in the region this year.
The company, which sells furniture and home goods on its platform, said it will use the proceeds to boost its logistics with 100 trucks in its current capacity.
Riyadh-based venture capital fund STV participated in the pre-Series B round, as well as Impact46, Outliers Ventures, Rise Capital, and NUWA Capital, the startup said in a statement.
The latest round brings the total investments to the Egyptian startup to around $40 million.
Homzmart, which launched in 2020, earlier expanded its services to Saudi Arabia, where it now does 25 to 35 percent of its total activity, its chief executive Mahmoud Ibrahim said.
It now claims to serve 25 million houses in Egypt and the Kingdom, with more than 150,000 products on its platform.
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