Egyptian direct-to-consumer, digital-led home and décor brand ariika has raised a Series A equity funding round from Beltone Venture Capital, a subsidiary of Beltone Financial Holding, which has taken a 20 per cent stake in the company.
Launched in 2016, ariika is a manufacturer, distributor and online retailer of bean bags, pet beds, travel comfort and pet seating. The startup has been growing at a rate of more than 85 per cent each year, and serves more than 800,000 customers worldwide.
Its Series A funding, the amount of which is undisclosed, will boost the startup’s growth momentum and accelerate its expansion across the MENA region, starting with Saudi Arabia in Q4 of this year.
“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 in the center of everything we do,” said Khaled Attallah, ariika’s CEO and co-founder.
“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 a strategic market with a significant potential upside for the business and provide great value for our Saudi customers.”
Ali Mokhtar, Beltone Venture Capital’s CEO, said he was excited to support ariika and help it achieve its vision of leading the home and décor 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,” he said.
