Egypt: Source Beauty, the Egypt-based E-commerce beauty platform, has raised a six-figure Seed funding round, led by Geneva-based ACE & Company and angel investors renowned for investing in the beauty industry.
Since it launched in 2018, Cairo-based Source Beauty has expanded its business in gross merchandise volume (GMV) in under two years. Today, the E-commerce platform has increased its offering to 80 brands with more than 3500 individual products that include local and international players in the beauty industry—Source Beauty’s mission is to dominate the Egyptian beauty market.
Source Beauty allows like-minded women who want to improve Egypt’s beauty industry, seeking to meet their needs and provide long-lasting quality products from local sources with diverse uses. Source Beauty also plays an important role in inspiring and empowering women.
Proceeds from this round will be used to deepen its market share in the Egyptian market, increase brand marketing to drive overall awareness, and grow the team with targeted roles.