Homzmart acquires Germany-based MockUp Studio
After its $15M Series A funding, Cairo-based Home services and interior design marketplace Homzmart acquires German Tech startup to integrate its new-age visualization technologies, adding depth and practicality to its home furnishing experience.
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The Middle East’s furniture & home goods marketplace platform, Homzmart has announced the acquisition of Berlin-based technology company, MockUp Studio. The acquisition is further evidence of Homzmart successfully executing its strategy to consolidate the full home goods and furniture value chain, and complements the Company’s vision to transform how consumers to shop and furnish their living spaces.
MockUp Studio’s technology will allow consumers to visualize their furnished home in minutes. The acquisition means Homzmart will digitize the whole interior design process, starting from an empty room - exploring different layouts, finishings, and floorings with different sets of Homzmart’s catalog assortment - shown as a 360-degree view. The result for consumers is a perfect visualization of their desired space. They can also view, and interact with, Homzmart’s entire catalog with simple clicks.
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Integration of MockUp Studio into Homzmart’s operations will begin immediately. It is anticipated that the full home visualization and interior design experience will be available to Homzmart’s consumers in the fourth quarter of the year. Homzmart’s CEO and co-founder, Mahmoud Ibrahim stated, “We are delighted to complete this acquisition in Germany, and start integrating MockUp Studio’s technology into Homzmart's product family. We have been very clear that our intention is to grow rapidly, expand regionally, and consolidate the whole furniture value chain. We are successfully doing all these things, and this M&A is a solid step in our value chain strengthening."
Via its use of Artificial Intelligence and advanced computer vision, MockUp Studio digitizes furniture shop images rapidly and efficiently. The technology understands images to accurately mix and match items based on interior design guidelines. The technology also considers size, room layout, and furniture layout of the desired space. MockUp Studio’s algorithms fetch the optimum furniture to match user styles and the room architecture.
The acquisition follows Homzmart’s rapid growth with operations in 2021 having tripled in size, following a surge in consumer demand. In November 2021, Homzmart also expanded into Saudi Arabia - a $15 billion market, growing at 10% CAGR per annum. Homzmart is backed by investors including MSA Capital - a global investment firm with over $1.5 billion in assets under management; Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures. Mahmoud Ibrahim concluded, “Our philosophy is all about transforming the furniture experience for consumers and sellers. Adding MockUp Studio’s technology means consumers can have the full interior design experience - browsing Homzmart’s entire catalog and viewing their desired space, in just a few clicks. MockUp Studio is a perfect partner to welcome to Homzmart and I know consumers will be delighted when they experience the new technology later this year.”
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