Ariika, a leading Egyptian home furnishing e-commerce startup, has successfully concluded its Series A extension funding round, raising $3 million in equity. The round was led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and supported by UAE-based Citadel International Holdings.
In 2023, the company had already raised funds during the initial stage of its Series A round, with Beltone Venture Capital securing a 20% stake. CEO and co-founder Khaled Attallah highlighted the funding as a key milestone in Ariika’s strategy to accelerate its growth both locally and regionally. “Our relentless focus on compelling products, customer service, and profitable growth has allowed us to outperform our competitors, gain market share, and position ourselves as one of the fastest-growing digital-first, design-led home brands in the region,” Attallah stated. “We continue to build innovative products, foster deep connections with our consumers, and deliver an exceptional experience both online and offline.”
Founded in 2016 by Khaled Attallah and Shahir Arslan, Ariika operates as a direct-to-consumer (D2C) home décor platform that partners with global artisans to create and curate modern décor. The startup aims to transform the $20 billion home and décor market in the MENA region, consolidating a fragmented sector into a digital-first, inspirational home destination. Ariika’s key pillars include a diverse product assortment, competitive pricing, and a seamless customer experience.
Ariika has also been expanding aggressively, leveraging the rapidly growing furniture market in Iran and recently opening a flagship store in Baghdad. Additionally, the startup plans to open its flagship store in Saudi Arabia in January 2025. The new $3 million funding will support Ariika’s local market expansion, including portfolio development and go-to-market strategies, with a particular focus on strengthening its presence in Saudi Arabia and Iraq. These two markets are expected to generate 50% of the company’s consolidated business by 2025.
Since its inception, Ariika has achieved an impressive compounded annual growth rate (CAGR) of 90%, directly serving over one million customers worldwide. The brand’s export segment also contributes over 15% of its revenue, and it has successfully completed thousands of projects with prominent real estate developers and industry leaders across the region.
Ariika’s recent performance, marked by over 3x year-over-year sales growth in USD and sustainable profitability, further reinforces its position as a key player in the home décor e-commerce sector. Beltone Venture Capital’s CEO, Ali Mokhtar, expressed his excitement about investing in the company, praising Ariika’s leadership team and operational results. “With bold expansion plans underway, Ariika is strategically positioned to become the leading home furnishings brand in the MENA region,” Mokhtar said.
