Egypt's The Fashion Kingdom raises $2.6 mn in seed round

27 Jul '22

2 min read

Pic: The Fashion Kingdom

Egypt’s e-commerce platform The Fashion Kingdom (TFK) has successfully completed a seed funding round of $2.6 million. The seed round was co-led by CVentures, Egypt’s first corporate venture capital firm and A15, MENA’s leading early-stage venture capital firm. Fashion industry icons Paul Antaki and Nasser Chourbagi also participated in the round.

TFK was launched by Fadi Antaki, Marianne Simaika, and Karim Abd El Kader in July 2020 to help local fashion entrepreneurs and brand owners sell online and offer customers a convenient and cost-effective shopping experience. Serving more than 135,000 customers, the company is at present aiding more than 200 local and international leading brands to grow their sales online via their curated marketplace and 360 value proposition.

“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,” Fadi Antaki, founder and chief executive officer at TFK, said in a press release.

TFK’s total addressable market is $4.2 billion in Egypt including fashion, beauty, and home décor e-commerce categories, as per database company Statista. In 2021, the global fashion e-commerce market was worth almost $700 billion.

Fibre2Fashion News Desk (NB)

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