The Fashion Kingdom (TFK), an Egyptian e-commerce site for fashion, beauty, and home accessories, on July 26, secured $2.6 million in seed funding sponsored by CVentures, an Egyptian corporate venture capital firm. According to TFK, A15, an early-stage VC in the MENA area that has supported Esaal, Paymob, and Helios Investment Partners affiliate, TPay, made a follow-on investment.
The proceeds will fund TFK’s efficient growth, develop scalable technologies, and expand the team. TFK sells various products to various demographics, including shoes, beauty products, personal care, accessories, and home fashion. The platform assists local and international companies in increasing their online sales through its curated marketplace, which provides customers with an omnichannel experience: a place where shoppers can locate all of their fashion needs and swap products as needed.
The TFK platform currently hosts over 200 businesses, with monthly growth of 10-15%. It has over 150,000 customers, with returning consumers accounting for roughly 40% of monthly purchases.
The site not only lists products from brands for clients to view and purchase but also offers them additional services. TFK offers a virtual fitting room to assist firms in becoming acquainted with the sizes of their clients.
TFK was founded in July 2020 by Fadi Antaki, Marianne Simaika, and Karim Abd El Kader to assist local fashion entrepreneurs and brand owners in selling online, serving customers through an affordable and convenient shopping experience, and creating meaningful careers for young and emerging talents.
The worldwide fashion e-commerce sector is expected to be worth approximately $700 billion by 2021. It will likely surpass that sum by the end of 2022, reaching roughly $1.2 trillion in three years. According to Statista, Egypt’s total addressable market is approximately $4.2 billion. With no apparent market leader in Egypt’s fashion e-commerce arena, Antaki believes his company is poised to become one and stay ahead of competitors due to its brand advantage.
Lotus Capital, Raba Capital, Sunny Side Venture Partners, Foundation Ventures, The Cairo Angels, and fashion industry veterans such as Paul Antaki and Nasser Chourbagi also participated in the round.
According to the company’s announcement, the investment will accelerate expansion, build scalable technology, and grow its team, which includes 43 % female employees. The CEO said the company plans to fill skill gaps, build its technologies, optimize operations, and improve the end-customer experience. So, the funds will be invested in technology, talent, and processes.
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