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Ariika, an eCommerce platform for home furnishings in Egypt, has raised $3 million in a Series A extension round.
Citadel International Holdings, based in the United Arab Emirates, and Beltone Venture Capital, a division of Beltone Financial Holding, led the investment round.
Khaled Attallah and Shahir Arslan founded Ariika in 2016, and since then, it has grown at a 90% compound annual growth rate (CAGR) and served over a million consumers globally. Atallah worked in sales and marketing positions around Egypt for more than five years before founding Ariika. His most recent position was at Procter & Gamble. Arslan, meantime, was a consultant in Qatar and Egypt.
Over 15% of the company’s revenue comes from its export division, and it has finished hundreds of projects with top regional real estate developers and business titans.
Ariika has a lot of prospects in the $20 billion MENA home and décor sector, which is expanding at a rate of about 10% a year. By January 2025, the company intends to open a second location in Saudi Arabia, having already opened one in Baghdad, Iraq. By 2025, it is anticipated that 50% of Ariika’s total business will come from these two markets.
“Ariika has emerged as a standout company in a thriving sector, showcasing impressive operational results in recent years,” said Ali Mokhtar, CEO of Beltone Venture Capital, who affirmed confidence in the company’s potential. Ariika is strategically positioned to establish itself as the leading home furnishings brand in the region.”
Ariika’s strong performance and strategic vision are highlighted by this fundraising round, which positions the company for long-term growth in the cutthroat MENA home décor market. In 2023, Ariika raised a Series A financing, granting Beltone Venture Capital a 20% ownership position in the business.
Ariika’s Series A extension is a prime example of the impressive expansion and resilience of Egypt’s startup ecosystem in 2024, which has seen notable financing milestones in several industries.
Ariika’s growth and regional expansion, especially in Saudi Arabia and Iraq, are intended to be accelerated by this investment.
Read more on Tech Gist Africa:
Amenli, an Egyptian insurtech startup, has raised $2.3 million in a funding round
Qara, an Egyptian supply chain startup, has raised $2.6 million in a funding round
Rabbit Mobility, an Egyptian startup, has raised $1.3 million in a funding round
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