Egypt-based home furnishing eCommerce platform ariika has secured an additional $3 million in a Series A extension round. The funding, led by Beltone Venture Capital (a subsidiary of Beltone Financial Holding) and UAE-based Citadel International Holdings, is set to fuel the company’s aggressive expansion into the Middle East and North Africa (MENA) region, with a focus on Saudi Arabia and Iraq.
Founded in 2016 by Khaled Attallah and Shahir Arslan, ariika has achieved a staggering compound annual growth rate (CAGR) of 90%, serving over one million customers globally. Before launching ariika, Attallah honed his skills in sales and marketing during a five-year tenure at Procter & Gamble, while Arslan built his career as a consultant across Egypt and Qatar.
The company’s export division already accounts for over 15% of its revenue, with its portfolio including partnerships on thousands of projects with top-tier real estate developers and industry leaders across the region.
With the MENA home and décor market valued at $20 billion and growing at an annual rate of 10%, ariika sees massive potential for scaling its operations. The brand has recently opened a store in Baghdad, Iraq, and plans to launch its first Saudi Arabian outlet by January 2025. These two markets alone are projected to contribute 50% of ariika’s revenue by 2025.
This round follows ariika’s initial Series A funding in 2023, which saw Beltone Venture Capital acquire a 20% stake in the company. The additional funding highlights ariika’s upward trajectory as it aims to solidify its position in the competitive MENA home décor market.
