Source Beauty secures six-figure Seed round to support growth in Egyptian market
Source Beauty, the Egypt-based E-commerce beauty platform has raised a six-figure Seed funding round, led by Geneva-based ACE & Company and angel investors that are renowned for investing in the beauty industry.
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Since it launched in 2018, Cairo-based Source Beauty has expanded its business in terms of gross merchandise volume (GMV) in under two years. Today, the E-commerce platform has increased its offering to 80 brands with more than 3500 individual products that include local and international players in the beauty industry. Source Beauty’s mission to dominate the Egyptian beauty market.
Source Beauty gives an opportunity to like-minded women who want to improve the beauty industry in Egypt, seeking to meet their needs and provide long-lasting quality products from local sources with diverse uses. Source Beauty also plays an important role in inspiring and empowering women.
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Earlier in the year, the startup secured Pre-Seed funding that went towards expanding the platform’s marketing activities, resulting in an increase in the customer base.
Lydia Schoonderbeek, Founder and CEO of Source Beauty commented, “We are thrilled to be working with this prestigious group of investors to help strategically grow our brand even further. Their investment in Source Beauty is a testament to their conviction that we are a promising business in an underserved, yet growing market. I am pleased with our performance and journey to date, and look forward to continuing listening and addressing our customers’ needs.”
Sherif El Halwagy, Co-Founder and Managing Director of ACE & Company said, “It is always refreshing to meet and listen to entrepreneurs and startups with the vision and potential to cause a genuine change in the market. This investment reflects the extent of ACE’s attention given to emerging businesses that contribute to the empowerment of women and to the support of local suppliers. We look forward to seeing Source Beauty grow multiple folds in the next period”
Lydia continued, “With the help of this new funding, we will be able to continue our growth and to power additional brands that respond to our customers’ needs. We will build a stronger team, hire new talent, have more marketing muscle, and continue to invest in new technologies. We will continue to focus on our value proposition to our customers and address existing gaps in the market in terms of organic Fairtrade beauty and local alternatives.”
Proceeds from this round will be used to deepen its market share in the Egyptian market, increase brand marketing to drive overall awareness, and grow the team with targeted roles.
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