Cairo-based e-commerce startup Dresscode has raised a six-figure US dollar seed funding round to help it speed its growth by expanding its team and product offering.
Founded in 2018 by Mohamed Abdel Dayem and Ali Zakaria, Dresscode is an e-commerce retail platform that sells female clothing, beauty and home products, connecting Egyptian manufacturers directly to consumers.
The startup provides a platform for local fashion brands and designers to market and sell their products, while providing customers with a one-stop-shop for stylish quality products at appealing prices.
Dayem said Egypt was a huge market, while the textile industry was one of the highest contributors to GDP.
“We are trying the solve a problem that many manufacturers, brands, and suppliers face, which is how is to reach the consumer, Many factories produce great material and products, that are exported everywhere in the world, but these factories lack the marketing and branding aspects, hence they go to merchants to sell the products which take a big portion of their margins, and offer them the worst payment terms,” he said.
Dresscode has seen strong growth during the COVID-19 crisis, which accelerated the process with Egypt Ventures to raise the funds to maintain this growth and expand operations. The startup will use the funding to grow its team and roll out new product offerings, as well as start offering next-day and same-day deliveries.
“We have managed to reach 9,000 monthly recurring users without any funding – consumers are always seeking a better offering and we worked hard to offer them what they are looking for. For many years consumers lacked affordable, durable products to depend on rather than imported products, that are usually expensive and not the best quality,” Zakaria said.
Egypt Ventures managing director Ahmed Gomaa said he was pleased to be able to support Dresscode as it prepared to speed up its growth.
“We are excited to be part of Dresscode, as part of our mission to support talented Egyptian entrepreneurs contributing to the growth of local tailor workshops,” he said.
