Cairo, September 6, 2023:
Beltone (“Beltone Financial Holding”), one of the fastest-growing investment banks, announces that its wholly owned subsidiary Beltone Venture Capital (“the Company”) has acquired 20% stake in ariika for a total consideration of approximately EGP31 million. ariika is a leading direct-to-consumer, digital-led home and decor brand.
The Company invested in ariika through Series A equity funding round. ariika is planning to deploy the raised funding to expand its regional presence across the MENA region, starting with the Kingdom of Saudi Arabia planned for 4Q2023, further expansion of its omni-channel go-to-market strategy and develop its technological infrastructure and digital design capabilities by capitalizing on advanced AR tools.
ariika is transforming a USD20 billion home and decor industry in MENA, growing at a compounded annual growth rate (“CAGR”) of c.10% per annum, by consolidating a fragmented market and creating an inspirational digital-led home destination focusing on superior product assortment, reasonable price points, and unmatched online and offline customer experience.
Ali Mokhtar, Beltone Venture Capital’s CEO commented: “We are excited to support ariika and its leadership team to achieve their vision and lead the home and decor sector in the MENA Region. 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”.
Khaled Attallah, ariika’s CEO & Co-Founder commented: “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 at the center of everything we do. 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 strategic market with a significant
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المصدر: Fintechgate