Ariika announced that it will use the fund raised to expand its regional presence across the MENA region starting with Saudi Arabia.
Beltone Venture Capital acquired 20% stake in ariika for EGP 31 million. Beltone Venture Capital’s investment came through a Series A equity funding round.
Ariika announced that it will use the fund raised to expand its regional presence across the MENA region, starting with Saudi Arabia in the last quarter of this year. Moreover, it will support ariika to reinforce its technological and digital capabilities by making use of advanced augmented reality (AR) tools.
Ariika announced that the funding will raise its exports from 15% of its sales to 50% by 2025.
The home and decor industry in the MENA region currently amounts to $20 million growing at a compounded annual growth rate (“CAGR”) of 10% per annum.
Beltone Venture Capital’s CEO, Ali Mokhtar expressed the company’s excitement to support Ariika’s plan of growing the home products and decoration sector in MENA.
Beltone Venture Capital is a firm owned by Beltone Financial Holding. The firm aims to support startups companies and provide them with sustainable funding.
Beltone Financial Holding submitted a share purchase agreement to acquire 100% of Cash, the microfinance provider, according to a disclosure the company submitted to the Egyptian Stock Exchange (EGX). No further details on the deal was disclosed.