Egyptian direct-to-consumer, digital-led home and décor brand ariika has raised a US$3 million Series A extension round to help it expand into Saudi Arabia.
Launched in 2016 by Khaled Attallah and Shahir Arslan, 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.
Disrupt Africa reported last September the startup had raised an undisclosed amount of Series A equity funding from Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and it has now followed that up with a US$3 million Series A extension round, also led by Beltone Venture Capital, alongside Citadel International Holdings.
The investment will be used by ariika to accelerate its growth trajectory locally and regionally. After launching its services in Iraq, the startup is now planning to expand into Saudi Arabia by January 2025.
“With our relentless focus on compelling products, 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 in the region,” said Attallah. “Our strategy will always be to develop innovative, must-have products, build deep and personal connections with our consumers, and deliver a superior online and offline experience. We are a value-based brand focusing on our people, customers, quality, and profits.”
Ali Mokhtar, Beltone Venture Capital’s CEO, said he was delighted to back ariika and its leadership team as they worked toward their vision of becoming a leader in the home and décor industry across the MENA region.
“ariika has emerged as a standout company in a thriving sector, showcasing impressive operational results in recent years. With bold expansion plans underway, ariika is strategically positioned to establish itself as the leading home furnishings brand in the region,” Mokhtar said.
