Cairo - Mubasher: Homzmart, an Egyptian online furniture and home goods marketplace platform, has launched cross-border operations between Saudi Arabia and Egypt.
This move comes in line with Homzmart's objective to endorse regional trade and economic growth, as well as enriching the bilateral shipments between Egypt and the Kingdom in the furniture industry, according to a press release.
Ibrahim Mohamed, Co-Founder and Chief Operating Officer (COO) of Homzmart, said: “Our strategy has deliberately focused on going beyond operating in both markets, to bring them closer together."
Mohamed added: "Our strategic location close to Damietta, as well as our cost-effective and rapid logistics, uniquely enable us to deepen Saudi Arabian-Egyptian trade in furniture and home goods, a win-win for everyone.”
In November 2021, the company expanded into Saudi Arabia, a $15 billion market that is increasing at a 10% year-on-year (YoY) compound annual growth rate (CAGR).
In 2021, Homzmart secured $15 million in Series A financing, which marked the largest capital raise in the Middle East’s online furniture sector back then.
