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- A15 has made a series of investments in TFK
- It will continue to accelerate growth, hire talent and invest in technology
Cairo, Egypt: Fashion Kingdom (“TFK”), Egypt’s pioneering fashion, beauty and home accessories e-commerce marketplace for brands valued at 360, announces the successful completion of a $2.6 million seed funding round.
The seed funding round was led by CVintures, Egypt’s first corporate venture capital firm, and A15, MENA’s leading early stage venture capital firm, with participation from existing investors and fashion industry veterans Paul Antaki and Nasser Churbagy. New participating investors include Lotus Capital, Sustainability and Inclusion Venture Fund, Africa-focused investors Raba Capital, Sunny Side Venture Partners, Foundation Ventures and Cairo Angels.
The proceeds will be used to accelerate TFK’s efficient growth, build scalable technology and grow the team. Another strategic priority is to strengthen and scale TFK’s 360 brand value, which includes providing a one-stop solution covering operations, co-marketing, omni-channel and digital content creation services to assist local fashion brands in their digital transformation efforts. , increase their online sales and help them become more sustainable.
Co-founders Fadi Antaki, Marianne Simaika and Karim Abd El Kader launched TFK in July 2020 with the aim of helping local fashion entrepreneurs and brand owners sell online, serving customers with an affordable and convenient shopping experience, and creating meaningful careers for youth and young adults. Talents.
TFK is currently helping more than 200 local and international leading brands grow their sales through their online marketplace and 360 value proposition. Additionally, over 135,000 customers are using TFK for their fashion shopping needs. The company supports female talent as 50% of the company’s managers and 43% of its workforce are women.
According to Fadi Antaky, Founder and CEO of Fashion Kingdom:
“We are thrilled to announce that Fashion Kingdom has raised $2.6 million in seed funding. The support of new and existing investors is a proud moment for the entire team.
“TFK is a much-needed streamlined marketplace in the fast-growing world of fashion e-commerce. Our market opportunity is vast, and the drivers who support it are compelling. We’ve grown over 3.3x in the last year, and our online customer groups are growing. Our competitive differences, access to our investors’ wealth of knowledge and regional expertise, position us perfectly to be a market leader in Egypt and beyond.
The Egyptian fashion e-commerce space lacks a clear market leader, and TFK is filling the gap. The company’s KPIs are compelling: order numbers have grown 3.3x year-on-year, a rate set to continue through 2022.
According to a recent study by Statista, TFK’s total reachable market in Egypt is $4.2 billion across the fashion, personal beauty and home furnishings e-commerce categories. In the year By 2021, the global fashion e-commerce market will be worth nearly $700 billion. In the year By the end of 2022, that figure is expected to exceed, and by 2025, it will reach around $1.2 trillion, according to Statista.
Shady Tadros, director of CVEntures, said:
“TFK’s digital launch for fashion, beauty and home accessories brands fits well with Egypt’s fast-moving e-commerce scene, essentially enabling small and large brands to sell online, while the company makes shopping easy and accessible to a large and growing audience. CVentures is excited at the prospect of working closely with TFK, and we look forward to helping Fadi, Marianne and Karim achieve their vision and grow into additional markets.
*Use this link to purchase TFK Co-Founders clothing and get 10% off using promo code “360”:
https://bit.ly/3v8lSOX
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