The Pharaoh’s homeland, Egypt, has again received news that calls for a celebration. Literally, the Egyptians have rolled out drums to felicitate with the fast-rising online furniture marketplace, Homzmart, for securing a whopping $1.3 million Seed Funding.
The journey of a thousand miles, they say, starts with a step. This saying perfectly fits the success story of the duo – Mahmoud Ibrahim and Ibrahim Mohamed, the founders of Homzart. A thorough check on their profiles revealed that the duo have garnered, over the years, some wealth of experiences in the e-commerce business sector.
Many thanks to Jumia Group Egypt, where these problem-solving founders formerly worked before starting their business. They have had the taste of different positions in the company and have taken the baton of leadership at the global company. Amazingly, Ibrahim later left the Vice President seat in Jumia Egypt and assumed the position of a Managing Director at Daraz – an e-commerce company based in Pakistan. In 2018, he later became the Chief Operating Officer (COO) of the company after Alibaba acquired the company.
In 2019, the duo joined hands together to create an online-based e-commerce platform that serves as a marketplace for ergonomic, reliable, cost-effective, and beautiful furniture. At Homzmart, consumers can find and buy bed frames, sofas, cupboards, chairs, wallpapers, among others. It also connects people with engineers and professional designers to meet their needs and maximize customer satisfaction.
Recently, Homzart secured a whopping sum of $1.3 million in seed funding, courtesy of Oman Technology Fund (OTF), MSA Capital, the investment arm of Choueiri Group, Equitrust, and 500 start-ups. The barely a year old company, Homzmart, has broken a record as the Egyptian start-up with the largest seed funding ever, as reported by MENAbytes.
Mahmoud, the CEO and co-founder of Homzmart deftly explained, in an interview with MENAbytes, the working principles of their company. He said, “When a customer is looking to make the purchase, they either go to established brands or ask their friends for a referral which means a lot of good sellers never get discovered by the customers. What we are doing is giving these manufacturers and sellers access to technology and helping them land more sales by reaching out to new customers”. Surprisingly, more than 30 Facebook users rated the company as 5-star and most of the customers gave credence to the return policy of Homzmart. That is, customers can return delivered products immediately if they do not conform to the description on Homzmart’s website and also have a 14-day window to return furniture product(s) within that have manufacturing defects.
The company wants to channel this seed funding into technological advancement, maximizing customer satisfaction, recruitment of more employees, and the scaling-up of furniture products’ quality.
With the rocket-like growth speed of Homzmart, I am more than convinced that the company will be slugging the marketplace out, in no time, with the global big-leagues in the online furniture sector. From all of us at Woleth Enterprise, we say a big congratulation to Homzmart.