Hoods, a live e-commerce platform developed in Egypt, has received finance from valU, a division of the Egyptian investment bank EFG-Hermes.
Mostafa Hanafi and Waleed Ghalwas created Hoods in late 2020 to help consumers identify and compare goods through live video. Through a seamless experience, its digital platform brings together a retailer, a content producer, and a customer to communicate and carry out retail transactions in an entertaining way.
In contrast to traditional e-commerce, Hoods uses movies created by individuals employing creative material to create distinctive and engaging product presentations for buyers. Hoods has positioned itself as an omnichannel solution that combines in-person purchasing with the speed and convenience of online shopping by providing customers with a platform where they can engage with influencers and brands to see their desired items come to life.
Earlier this year, the business got US $350,000 in pre-seed investment. Now, it has obtained further money from buy now pay later (BNPL) platform valU, located in Egypt. Following its recent acquisition of employee management tool Paynas and investment in FinTech startup Kiwe, valU made this investment.
According to Ghalwash, Hoods created a platform that ingeniously combined entertainment and shopping into a single experience that provided both the ease and the thrill of live entertainment with a strong e-commerce platform.
“We make sure that products are delivered to the customers’ doorstep with speed and with as little hassle as possible. This unique partnership with valU will allow us to provide a payment solution that hammers on affordability, which will further improve the shopping experiences of our consumers,” he said.
“This investment in Hoods is a testament to valU’s focus on partnering with unconventional marketplaces, platforms, and companies that align with our vision which is centered on developing trendsetting solutions across our digital ecosystem that truly focus on creating seamless and convenient experiences that add value to the daily lives of people across the board,” said valU’s head of strategy and market expansion Habiba Naguib.
“By tapping into this exciting space, we gain access to Hoods’ technology and community, which allows us to offer them convenient financing solutions as they shop online. Meanwhile, we are enabling valU’s expansive merchant network to be featured on Hoods’ live shopping platform, which will drive more demand and provide valU’s customers with access to a disruptive platform that will elevate their shopping experience.”
