Ariika, a well-known direct-to-consumer, digitally driven home furnishings company, has successfully closed its $3 million Series A extension equity round. The investment group Citadel International Holdings, based in the United Arab Emirates, and Beltone Venture Capital, a division of Beltone Financial Holding, led the round. Ariika has reached a major milestone in accelerating its growth trajectory both locally and regionally with this strategic investment. The fact that Ariika achieved over three times year-over-year (YOY) sales growth on a USD basis, along with strong and sustainable profitability, is further evidence of its strong performance.
By uniting a fragmented market and establishing an inspiring digital-led home destination that prioritizes superior product assortment, competitive pricing, and an unrivaled online and offline customer experience, Ariika is revolutionizing the USD 20 billion home and décor industry in MENA, with a compound annual growth rate (“CAGR”) of roughly 10% annually.
More than a million customers are being served directly by Ariika since its 2016 launch, which has seen a 90% CAGR. Over 15% of its revenue comes from its export business, and the company has finished thousands of projects with top regional real estate developers and business titans. Ariika is in a unique position to increase its market share over the long run because macrotrends are still favoring its business.
Profiting from the thriving economy of the market, Ariika has opened its flagship store in Baghdad, Iraq. In January 2025, it plans to open its flagship store in Saudi Arabia. With the help of portfolio development and go-to-market tactics, the new funding will be used to support Ariika’s local market expansion while bolstering its position in its two biggest regional markets, Iraq and Saudi Arabia. In 2025, these markets are expected to account for half of consolidated business.
Khaled Attallah, ariika’s CEO and co-founder, commented: “With our relentless focus on compelling products, 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 in the region. Our strategy will always be to develop innovative, must-have products, build deep and personal connections with our consumers, and deliver a superior online and offline experience. We are a value-based brand focusing on our people, customers, quality, and profits.”
Ali Mokhtar, Beltone Venture Capital’s CEO, added, “We are delighted to back ariika and its leadership team as they work toward their vision of becoming a leader in the home and décor industry across the MENA region. ariika has emerged as a standout company in a thriving sector, showcasing impressive operational results in recent years. With bold expansion plans underway, ariika is strategically positioned to establish itself as the leading home furnishings brand in the region.”
