Egyptian home furnishing eCommerce platform, ariika secures $3 million Series A extension to fuel MENA expansion, led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and UAE-based Citadel International Holdings. This investment aims to accelerate ariika’s growth and regional expansion, particularly in Saudi Arabia and Iraq.
Founded in 2016 by Khaled Attallah and Shahir Arslan, ariika has achieved a compound annual growth rate (CAGR) of 90%, serving over one million customers worldwide. Prior to starting ariika, Atallah spent over five years in sales and marketing roles across Egypt with his last role coming at Procter & Gamble. Meanwhile, Arslan worked as a consultant in Eqypt and Qatar.
The company’s export segment contributes more than 15% to its revenue, and it has completed thousands of projects with leading real estate developers and industry leaders in the region.
The MENA home and décor market, valued at $20 billion and growing at approximately 10% annually, presents significant opportunities for ariika. The company has already established a store in Baghdad, Iraq, and plans to open another in Saudi Arabia by January 2025. These two markets are projected to contribute 50% of ariika’s consolidated business by 2025.
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ALI Mokhtar, CEO of Beltone
Ali Mokhtar, CEO of Beltone Venture Capital, expressed confidence in ariika’s potential, stating, “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.”
This funding round underscores ariika’s robust performance and strategic vision, positioning it for sustained growth in the competitive MENA home décor industry. ariika raised a Series A round in 2023 which gave Beltone Venture Capital a 20% stake in the company.
Egypt’s startup ecosystem has demonstrated remarkable resilience and growth in 2024, with significant funding milestones achieved across various sectors and Ariika’s Series A extension exemplifies this upward trend.
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