Ariika has raised a Series A equity funding round from Beltone Venture Capital, a subsidiary of Beltone Financial Holding, which has taken a 20 per cent stake in the company.
The startup has been growing at more than 85 per cent each year and serves more than 800,000 customers worldwide.
Its Series A funding, which is undisclosed, will boost the startup’s growth momentum and accelerate its expansion across the MENA region, starting with Saudi Arabia in Q4 of this year.
Khaled Attallah, ariika’s CEO and co-founder, said: “With our relentless focus on compelling product, customer service and profitable growth, we continue to outperform our peers, gain market share and distinguish ourselves as one of the fastest growing digital-first, design-led home brands. Our value-based brand focuses on people, customers, quality, and profits. Our focus since day one is to build a sustainable model that is operationally profitable and growing disproportionately with solid unit economics while putting our customers in the centre of everything we do,”
“Our expansion into the Kingdom of Saudi Arabia represents a big milestone for us as we are well positioned to replicate our success story in such a strategic market with a significant potential upside for the business and provide great value for our Saudi customers.”
Ali Mokhtar, Beltone Venture Capital’s CEO, said: “ariika is considered the most promising company within an encouraging sector that commanded strong operational performance over the last couple of years. With ariika’s ambitious expansion plans, the company is well positioned to become the leading supplier of home and décor products to all households in the region.”