Cairo - Egypt: Egypt’s leading curated fashion, beauty and home accessories e-commerce marketplace, The Fashion Kingdom (TFK), has successfully completed a $2.6 million seed funding round.
Co-led by Cventures and A15, which made a follow-on Investment, the seed funding round saw participation from existing investors and fashion industry veterans Paul Antaki and Nasser Chourbagi, according to a recent press release.
New participating investors include Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures, and The Cairo Angels.
Proceeds will be used to accelerate TFK’s efficient growth, hire talents, and invest in technology.
TFK now helps over 200 local and international brands grow their sales online through their curated marketplace and 360 value proposition.
Founder and CEO at The Fashion Kingdom, Fadi Antaki, said, “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.”
According to Statista, TFK’s total addressable market is $4.2 billion in Egypt. In 2021, the global fashion e-commerce market value was around $700 billion, and is expected to exceed that figure by the end of 2022, and reach around $1.2 trillion in 2025.
