ariika has successfully opened its flagship store in Baghdad, Iraq, a move that capitalized on the market’s booming economy.
Home furnishing eCommerce platform based in Egypt, ariika has secured an additional $3 million in funding in a Series A extension round. The successful conclusion of the funding round was made possible by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and UAE-based investment group Citadel International Holdings. This injection of fresh funds will bolster the platform’s expansion into the Middle East and North Africa (MENA) region, with Saudi Arabia and Iraq being the main targets.
Khaled Attallah and Shahir Arslan founded Ariika in 2016. Four years down the line, ariika has achieved a CAGR of 90% and is directly serving more than one million customers worldwide. Its export segment contributes over 15% of its revenue, and the brand has completed thousands of projects with leading real estate developers and industry leaders in the region.
“With our relentless focus on compelling products, 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 in the region. Our strategy will always be to develop innovative, must-have products, build deep and personal connections with our consumers, and deliver a superior online and offline experience. We are a value-based brand focusing on our people, customers, quality, and profits.” said Khaled Attallah, ariika’s CEO and co-founder.
Ali Mokhtar, Beltone Venture Capital’s CEO, also added, “We are delighted to back ariika and its leadership team as they work toward their vision of becoming a leader in the home and décor industry across the MENA region. 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.”
At the moment, Ariika is transforming a USD20 billion home and décor industry in MENA, growing at a compounded annual growth rate (“CAGR”) of approximately 10% annually. It has been able to consolidate a fragmented market and create an inspirational digital-led home destination focusing on superior product assortment. As macrotrends continue to favour its business, ariika is uniquely positioned to expand its market share in the long term.
Ariika has successfully opened its flagship store in Baghdad, Iraq, a move that capitalized on the market’s booming economy. The brand plans to open its KSA flagship store in January 2025. The new capital will be deployed to fuel ariika’s local market expansion through portfolio development and go-to-market strategies while strengthening its presence in its two largest regional markets, KSA and Iraq. These markets are projected to contribute to 50% of consolidated business in 2025.
