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The Kuwait-based on-demand home services platform MyHome has successfully raised $1.75M in its latest funding round valuing the company at $12.5M. The Bridge round, leading to their Series A in 2022, was led in participation with Rasameel Investment Company, as well as early investors in the platform and Co-Founders Abdullah Marafi, Mohammed Alawadhi, and Bader Altukhaim.
Launched in 2018, the MyHome app is a home services platform that connects users with local technicians, service providers, and suppliers. The E-servicing startup has over 30 different service categories, that range from AC Maintenance and Hourly Cleaning, to Car Wash and Pet services. Based on our MENA H1 2021 Venture Investment Report, the Home Services sector observed a 153% growth of VC Funding in MENA in the second quarter of 2021 as compared to Q2 2020.
Through its unique UX/UI, Myhome set forth to disturb the home servicing industry and solve major pain points in transparency and efficiency. Through the Myhome app, users benefit from pre-pricing services for transparency, and an in-app warranty with a differentiated experience depending on the category of service. Co-founder Abdullah Marafi commented on this opportunity “Home services is a very fragmented and unorganized market where prices are not clear, quality is hard to assure and services are hard to standardize. Also, the market is mostly offline, which is a very big opportunity for us, since the market is slowly shifting online and MyHome is well-positioned to capture this demand.” The user experience is of utmost value ad Marafi continues “We plan to implement technologies that will allow for more automation in our operations, which will allow MyHome to operate more efficiently at scale, which in turn will improve margins. Over the coming years, by expanding into new markets, increasing our service offerings, and investing in new features, we aim to be a market leader in online home services."
Currently operating in Kuwait and in two Saudi Arabian cities; Riyadh and Dammam, the startup plans to utilize its newly acquired funds for further regional expansion. the startup plans to utilize its newly acquired funds for further regional expansion. MyHome is aiming to expand into other cities within Saudi Arabia such as Jeddah, Mecca, and Al-Medina, as well as into the UAE, over the next 12 months, and other GCC countries over the next 24 months. This Bridge round comes as a market validation and a scaling opportunity for MyHome as Co-founder Abdullah Marafi concludes “Over the coming years, by expanding into new markets, increasing our service offerings and investing in new features, we aim to be a market leader in online home services.”
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