Beltone Venture Capital, a subsidiary of Beltone Financial Holding, has invested in ariika, an Egyptian direct-to-consumer, digitally-led home and décor business, through a Series A equity fundraising round and acquired a 20% share in the company.
Ariika is an online retailer, distributor, and maker of bean bags, pet beds, travel comfort, and pet seating. It was founded in 2016.
“With our relentless focus on compelling product, customer service, and profitable growth, we continue to outperform our peers, gain market share, and distinguish ourselves as one of the fastest growing digital-first, design-led, home brands. We are a value-based brand focusing on our people, customers, quality, and profits. Our focus since day one is to build a sustainable model that is operationally profitable and growing disproportionately with solid unit economics while putting our customers in the center of everything we do,” said Khaled Attallah, ariika’s CEO and co-founder.
In a statement, the company said, “Our expansion into the Kingdom of Saudi Arabia represents a big milestone for us as we are well positioned to replicate our success story in such a strategic market with a significant potential upside for the business and provide great value for our Saudi customers.”
The company has been expanding by more than 85% annually, and it now has more than 800,000 consumers all around the globe.
The startup’s rapid expansion will be boosted by the additional capital, the amount of which is undisclosed, and its expansion across the MENA region will be accelerated, starting with Saudi Arabia in the fourth quarter of this year.
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