The Fashion Kingdom (“TFK”), Egypt’s curated fashion, beauty and home accessories e-commerce marketplace with 360 value proposition for brands, announces the successful completion of a $2.6 million seed funding round.
The seed funding round was co-led by CVentures, Egypt’s first corporate venture capital firm and A15, MENA’s leading early-stage venture capital firm which made a follow-on investment with participation from existing investors and fashion industry veterans Paul Antaki and Nasser Chourbagi. New participating investors include Lotus Capital, the sustainability and inclusion venture fund, Africa-focused investors Raba Capital, Sunny Side Venture Partners, Foundation Ventures and The Cairo Angels.
Proceeds will be used to accelerate TFK’s efficient growth, build scalable technology and grow the team. Another strategic priority is to strengthen and scale TFK’s 360 value proposition for brands which involves offering a one-stop-shop solution covering operations, co-marketing, omni-channel, and digital content creation services that assist local fashion brands in their digital transformation efforts, grow their online sales and help them become more sustainable.
The co-founders Fadi Antaki, Marianne Simaika and Karim Abd El Kader launched TFK in July 2020 with the purpose of helping local fashion entrepreneurs and brand owners sell online, serving customers through an affordable and convenient shopping experience and creating meaningful careers for young and emerging talents.
TFK is currently helping more than 200 local and international leading brands grow their sales online through their curated marketplace and 360 value proposition. Besides, over 135,000 customers are using TFK for their fashion shopping needs. The company also supports the careers of female talent as 50% of the company’s managers and 43% of its workforce are women.
“We are delighted to announce The Fashion Kingdom’s $2.6 million seed fund raise. The support of new and existing investors is a proud moment for the entire team. TFK is a curated marketplace much needed by the rapidly growing fashion e-commerce world. Our market opportunity is vast, and the drivers underpinning it – compelling. We have grown by more than 3.3x in the last year, and the online customer groups we cater to, are only growing larger. Our competitive differentiators, plus access to our investors’ wealth of knowledge and regional expertise, positions us perfectly to become the market leader in Egypt and beyond,” said Fadi Antaki, Founder and Chief Executive Officer at The Fashion Kingdom.
Egypt’s fashion e-commerce space has no clear market leader, and TFK is filling the gap. The company’s KPIs are compelling: order numbers have grown 3.3x year-on-year, with this rate set to continue in 2022.
TFK’s total addressable market is $4.2 billion in Egypt including Fashion, personal beauty &household, and home furniture e-commerce categories according to the latest research by Statista. In 2021, the global fashion e-commerce market value was nearly $700 billion. By the end of 2022, it is expected to surpass that figure, and in 2025, it will reach around $1.2 trillion according to Statista.
“TFK’s digital launchpad for fashion, beauty and home accessory brands conforms well with Egypt’s rapidly moving e-commerce scene, essentially enabling small and large brands to sell online as the Company makes shopping easy and accessible for a large and growing target audience. CVentures is excited at the prospect of working closely with TFK, and we look forward to helping Fadi, Marianne and Karim achieve their vision and grow into additional markets,” said Shady Tadross, Director at CVentures.
J Lindeberg was started by Johan Lindeberg in 1990s with the aimSeptember 2, 2022 | By RetailME Bureau
Majid Al Futtaim has made significant strides toward environmental, social, and corporateJuly 5, 2022 | By RetailME Bureau
Al Maya Group has announced the opening of its new supermarket in Arabian
Locally-owned supermarket Spinneys and pharmacy retailer Aster Pharmacy have joined forces to
Majid Al Futtaim has announced its audit reviewed operational and financial results
Dubai’s largest developer Emaar has announced that it will sell it’s online
Walmart announced this week that it will offer Paramount Global’s streaming service
Employee retention has been on every company’s minds, especially since the fears
The Frozen Chicken’ as Spinneys was fondly referred to back in the
Veppy.com, a Q-Commerce marketplace startup just announced their go live date in the
GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading
Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot
Eid Al-Fitr is an occasion to gather with your friends and family
Danube Home, a home improvement and furniture retailer in the region launched
Hisense, the global electronics and white goods manufacturer and sponsor of FIFA
The UAE’s Federal Tax Authority has announced the launch of a new
Al Khayyat Investments (AKI) has announced the foray of its BinSina Pharmacy
BinDawood Holding Company has announced that its Board of Directors has accepted
Dubai Duty Free has recorded a 104% increase in sales for the
J Lindeberg was started by Johan Lindeberg in 1990s with the aim
When I asked some of my colleagues and friends where they shop
Buying the ideal laptop at the right price is a result of
The story of a not-so-fast, yet-so-fresh food joint that is bringing a
Summer is never quite complete without back-to-school shopping, is it? Despite inflation,
Amazon welcomed a number of new Emirati hires, with many of these