Egyptian magnificence e-commerce platform Supply Magnificence has raised an undisclosed quantity of pre-seed funding from 500 Startups to assist it develop and increase into new markets.
Launched in 2018, Source Beauty sells magnificence merchandise at costs acceptable to the millennial market, and affords over 1,500 merchandise from 55 completely different manufacturers.
The startup, which says its gross sales orders had grown seven-fold and revenues nine-fold since its launch., started life as a weblog by way of which founder Lydia Schoonderbeek reviewed magnificence merchandise, however is now planning additional progress after securing funding from 500 Startups’ MENA-focused car 500 Falcons.
Schoonderbeek mentioned she was happy to have acquired the funding, which might help Supply Magnificence on its progress journey. The technique, she mentioned, is to increase into regional and international markets within the subsequent three to 5 years.
“Millennial customers use social media platforms to maintain up with magnificence developments and for buy motivation. Supply Magnificence guides them and focuses on constructing a personalised relationship with every of its prospects’ magnificence wants offering a user-friendly searching and shopping for expertise. Regardless of the present unlucky pandemic scenario, we have now seen progress in our buyer base and gross sales numbers,” she mentioned.
“The native magnificence market stays broadly untapped and rising year-on-year at round 15-20 per cent. Eager on shaping the market whereas capturing a serious share, we have now launched month-to-month magnificence subscription packing containers, a pillar in our worth proposition, offering ladies with high-quality native alternate options which might be inexpensive.”
Schoonderbeek mentioned the startup deliberate to safe additional funding inside the subsequent yr to assist it launch additional initiatives.
500 Falcons managing companion Sharif El-Badawi mentioned the corporate’s mission was to again proficient entrepreneurs and assist them create profitable corporations at scale.
“Supply Magnificence is one such firm. Regardless of the present COVID-19 scenario, we’re delighted to have invested on this e-commerce magnificence platform,” he mentioned.