- Egypt-primarily based manner marketplace The Fashion Kingdom (TFK), has raised a $2.6 million Seed funding round, co-led by CVentures and A15, with participation from existing investors this sort of as Paul Antaki and Nasser Chourbagi. New collaborating traders incorporate Lotus Funds, Africa-focused buyers Raba Partnership, Sunny Facet Undertaking Associates, Basis Ventures and The Cairo Angels Syndicate Fund.
- Launched in July 2020 by Fadi Antaki, Marianne Simaika and Karim Abd El Kader, TFK aims to support area trend entrepreneurs and model owners sell on line, and provide consumers with an very affordable and practical procuring experience.
- Proceeds will be made use of to accelerate TFK’s progress, create scalable technological innovation and improve the crew.
The Style Kingdom (“TFK”), Egypt’s groundbreaking curated style, natural beauty and home add-ons e-commerce marketplace with 360 benefit proposition for makes, announces the profitable completion of a $2.6 million Seed funding spherical.
The Seed funding round was co-led by CVentures, Egypt’s first company enterprise cash firm and A15, MENA’s primary early-phase venture capital company which created a stick to-on financial commitment with participation from existing investors and manner industry veterans Paul Antaki and Nasser Chourbagi. New taking part traders involve Lotus Funds, the sustainability and inclusion venture fund, Africa-focused traders Raba Partnership, Sunny Aspect Venture Associates, Basis Ventures and The Cairo Angels Syndicate Fund.
Proceeds will be used to accelerate TFK’s successful development, build scalable technologies and increase the staff. Another strategic priority is to strengthen and scale TFK’s 360 worth proposition for brands which involves presenting a one-prevent-store option covering operations, co-advertising, omnichannel, and electronic written content generation products and services that aid area style makes in their electronic transformation endeavours, improve their on line gross sales and enable them grow to be extra sustainable.
The co-Founders Fadi Antaki, Marianne Simaika and Karim Abd El Kader released TFK in July 2020 with the purpose of encouraging nearby style business people and manufacturer homeowners market online, serving consumers by way of an cost-effective and easy procuring expertise and building meaningful careers for younger and rising talents.
TFK is currently supporting much more than 200 local and worldwide leading brand names increase their income on-line by way of their curated marketplace and 360 price proposition. In addition to, over 135,000 clients are making use of TFK for their trend purchasing demands. The firm also supports the professions of woman expertise as 50% of the company’s professionals and 43% of its workforce are women of all ages.
Fadi Antaki, Founder and Chief Government Officer at The Vogue Kingdom reported: “We are delighted to announce The Trend Kingdom’s $2.6 million seed fundraise. The guidance of new and current traders is a proud instant for the overall group.
“TFK is a curated marketplace a great deal wanted by the swiftly expanding fashion e-commerce planet. Our current market possibility is vast, and the motorists underpinning it – are persuasive. We have developed by much more than 3.3x in the past calendar year, and the on the internet client teams we cater to, are only rising much larger. Our competitive differentiators, in addition accessibility to our investors’ wealth of expertise and regional knowledge, positions us correctly to become the current market leader in Egypt and over and above.”
Egypt’s trend e-commerce house has no obvious marketplace chief, and TFK is filling the hole. The company’s KPIs are persuasive: order quantities have grown 3.3x year-on-calendar year, with this fee set to continue in 2022.
TFK’s complete addressable industry is $4.2 billion in Egypt such as Vogue, private splendor & family, and residence home furniture e-commerce types according to the hottest study by Statista. In 2021, the global fashion e-commerce sector worth was practically $700 billion. By the stop of 2022, it is anticipated to surpass that determine, and in 2025, it will access all over $1.2 trillion in accordance to Statista.
Shady Tadross, Director at CVentures, explained: “TFK’s electronic launchpad for trend, natural beauty and dwelling accessory manufacturers conforms properly with Egypt’s promptly moving e-commerce scene, fundamentally enabling compact and huge manufacturers to sell online as the Enterprise makes buying easy and accessible for a significant and expanding goal viewers. CVentures is enthusiastic at the prospect of doing work carefully with TFK, and we seem forward to serving to Fadi, Marianne and Karim obtain their vision and mature into extra markets.”