Egypt’s ariika fuels expansion plans in MENA via $3m funding - Mubasher Info

Cairo – Mubasher: Egypt-based furniture e-commerce platform ariika has raised $3 million in Series A extension round led by Beltone Venture Capital and UAE-based Citadel International Holdings.

The new capital is expected to fuel ariika’s local market expansion through portfolio development and go-to-market strategies while strengthening its presence in Saudi Arabia and Iraq. These markets are projected to contribute to 50% of consolidated business in 2025, according to a press release.

This strategic investment also anchors ariika’s objectives to accelerate its growth trajectory locally and regionally.  

Meanwhile, the company is transforming a $20 billion home and décor industry in MENA, growing at a compounded annual growth rate (CAGR) of nearly 10% annually.

Since its launch in 2016, ariika has achieved a CAGR of 90% and directly serves more than one million customers worldwide. Its export segment contributes over 15% of its revenue.

The platform has successfully opened its flagship in Baghdad and is set to open its KSA flagship store in January 2025.

Ali Mokhtar, CEO of Beltone Venture Capital, said: “With bold expansion plans underway, ariika is strategically positioned to establish itself as the leading home furnishings brand in the region.”

Source: Mubasher Source: {{details.article.source}}