Egyptian D2C home décor e-commerce platform ariika raised Series A Equity funding
Beltone Venture Capital, a division of Beltone Financial Holding, has raised a Series A equity funding round for the Egyptian direct-to-consumer home and décor brand ariika and acquired a 20% stake in the business.
Ariika is a 2016 startup that produces, distributes, and sells bean bags, pet beds, travel comfort, and pet seating online. The startup has served more than 800,000 customers worldwide and has been growing at a rate of more than 85% annually.
Its undisclosed Series A funding will help the startup maintain its growth momentum and speed up its expansion across the MENA region, beginning in Saudi Arabia in Q4 of this year.
“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.
“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 CEO of Beltone Venture Capital, Ali Mokhtar, expressed his excitement to support ariika and assist it in realizing its goal of dominating the MENA region’s home and décor market.
“ariika is considered the most promising company within an encouraging sector that commanded strong operational performance over the last couple of years. With ariika’s ambitious expansion plans set in place, the company is well positioned to become the leading supplier of home and décor products to all households in the region,” he said.
