Hoods, an Egyptian live e-commerce site, has acquired funding from valU, a part of the Egyptian investment bank EFG-Hermes.
Hoods were founded in late 2020 by Mostafa Hanafi and Waleed Ghalwas to assist shoppers in identifying and comparing items using live video.
Its digital platform creates a frictionless experience for users, bringing together a retailer, a content provider, and a customer to converse and engage in enjoyable retail transactions.
In contrast to conventional methods of conducting business online, Hoods leverages videos made by individuals using creative content to develop one-of-a-kind and exciting presentations of products for customers.
Hoods have set itself up as an omnichannel solution that combines the speed and convenience of in-person shopping with the ease of online shopping. It gives customers a platform to work with influencers and brands to make the items they want come to life.
Early this year, the business got a pre-seed investment of US$350,000. It has more money thanks to the Egypt-based buy now pay later (BNPL) platform valU. This investment was made by valU after it purchased the employee management tool Paynas and put money into the FinTech startup Kiwe.
Ghalwash says that Hoods made a platform that cleverly combined shopping and entertainment into a single experience that combined the ease and excitement of live entertainment with a robust e-commerce platform.
We ensure that customers get their products quickly and with as little trouble as possible. This unique partnership with valU will let us offer a payment solution that focuses on affordability, which will make shopping for our customers even better,” he said.
“This investment in Hoods shows that valU is committed to partnering with unorthodox marketplaces, platforms, and companies that fit with our vision,” said Habiba Naguib, valU’s head of strategy and market expansion. “Our vision is to develop trend-setting solutions across our digital ecosystem that truly focus on making seamless and convenient experiences that add value to the daily lives of people everywhere.”
By joining this exciting space, we access Hood’s technology and community. This lets us offer online shoppers easy ways to pay for their purchases.
Meanwhile, we are enabling valU’s extensive merchant network to be included on Hoods’ live shopping platform. This will create greater demand and provide Valu’s customers with access to a disruptive platform that will improve their shopping experience.