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Homzmart, an Egyptian e-commerce startup, has raised $23 million in pre-series B funding

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According to the company’s chief executive of Hazmat, an online retailer of furniture and home items, the company just completed one of the most successful fundraising rounds ever done by a start-up business in the Middle East and North Africa, bringing in a total of $23 million.

According to Mahmoud Ibrahim, who is both a co-founder of the company and its CEO, the company, which was established in 2020, will use the newly acquired funding to expand its services, particularly its logistical operations, and to bridge gaps in supply chains.

Its most recent pre-series B round investment round brought its total funding to approximately $40 million and included participation from the Impact46, NUWA Capital,Outliers Ventures, Rise Capital, and Riyadh-based technology venture capital fund STV.

Following an earlier round in which it was awarded approximately $2.5 million, it subsequently got $15 million in funding in a later round ending in the previous year’s second quarter.

 

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