Egyptian curated fashion e-commerce platform The Fashion Kingdom (TFK) has raised a US$2.6 million seed round to accelerate its growth, hire more talent and invest in its technology.
A marketplace offering access to fashion, beauty and home accessories, with 360 value proposition for brands, TFK was launched in July 2020 by co-founders Fadi Antaki, Marianne Simaika and Karim Abd El Kader.
The startup’s goal is to help local fashion entrepreneurs and brand owners sell online, serving customers through an affordable and convenient shopping experience and creating meaningful careers for young and emerging talents. TFK is currently helping more than 200 local and international leading brands grow their sales online through their curated marketplace, while over 135,000 customers are using the platform for their fashion shopping needs.
Its US$2.6 million seed round is co-led by CVentures and A15, the latter of which is making a follow-on investment. It also features from existing investors and fashion industry veterans Paul Antaki and Nasser Chourbagi, while new participating investors include Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures and Cairo Angels.
Proceeds will be used to accelerate TFK’s growth, build scalable technology and grow the team. Another strategic priority is to strengthen and scale TFK’s 360 value proposition for brands, which involves offering a one-stop-shop solution covering operations, co-marketing, omni-channel, and digital content creation services that assist local fashion brands in their digital transformation efforts, grow their online sales and help them become more sustainable.
“TFK is a curated marketplace much needed by the rapidly growing fashion e-commerce world. Our market opportunity is vast, and the drivers underpinning it – compelling. We have grown by more than 3.3x in the last year, and the online customer groups we cater to, are only growing larger. Our competitive differentiators, plus access to our investors’ wealth of knowledge and regional expertise, positions us perfectly to become the market leader in Egypt and beyond,” said Fadi Antaki, founder and CEO at TFK.
Shady Tadross, director at CVentures, said TFK’s digital launchpad for fashion, beauty and home accessory brands conformed well with Egypt’s rapidly moving e-commerce scene, enabling small and large brands to sell online and making shopping easy and accessible for a large and growing target audience.
“CVentures is excited at the prospect of working closely with TFK, and we look forward to helping Fadi, Marianne and Karim achieve their vision and grow into additional markets,” he said.
