Source Beauty, a Cairo-based online platform that provides beauty-related services, has announced that it has completed its pre-seed funding round.
According to the platform, the pre-seed investment was from 500 Falcons, a regional fund by 500 Startups. 500 Falcons is the representative of the latter in the Middle East and North Africa (MENA) region.
Although Source Beauty has shared the source of its pre-seed investment, the startup has not disclosed the amount the round raised.
Source Beauty launched in 2018 as an online shop for lovers of beauty products. The startup’s origins are however a 2016 blog started by Lydia Schoonderbeek. The Dutch-Egyptian entrepreneur has since developed the platform into a popular online marketplace for beauty fanatics.
The startup’s rapid growth has seen provide customers access to more than 1500 beauty products, with clients able to choose from the more than 55 different brands on offer.
Since 2018, the platform has seen a seven-fold growth in its sales orders. Revenue has reportedly increased nearly nine times, making it one of the fastest-growing business ventures in the country.
According to the company, clients can also choose from different subscription offers that allow access to beauty products on a monthly basis. A subscriber can order items they would need to use over the month all at once, including makeup and skincare.
The subscription costs from 500 Egyptian pounds (approximately $32).