Intelligent CIO Africa Issue 68 - Page 65

PROCEEDS WILL BE USED TO ACCELERATE TFK ’ S EFFICIENT GROWTH , BUILD SCALABLE TECHNOLOGY AND GROW THE TEAM .
INDUSTRY WATCH

PROCEEDS WILL BE USED TO ACCELERATE TFK ’ S EFFICIENT GROWTH , BUILD SCALABLE TECHNOLOGY AND GROW THE TEAM .

Egypt-based The Fashion Kingdom ( TFK ), a pioneering curated fashion , beauty and home accessories e-commerce marketplace with 360 value proposition for brands , recently announced the successful completion of a US $ 2.6 million seed funding round . through their curated marketplace and 360 value proposition . Besides , over 135,000 customers are using TFK for their fashion shopping needs . The company also supports the careers of female talent as 50 % of the company ’ s managers and 43 % of its workforce are women .

The seed funding round was co-led by CVentures , Egypt ’ s first corporate venture capital firm and A15 , the Middle East and North Africa ’ s ( MENA ) early-stage venture capital firm which made a follow-on investment with participation from existing investors and fashion industry veterans Paul Antaki and Nasser Chourbagi . New participating investors include Lotus Capital , the sustainability and inclusion venture fund , Africafocused investors Raba Capital , Sunny Side Venture Partners , Foundation Ventures and The Cairo Angels .
According to TFK , 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 value proposition for brands which involves offering a one-stopshop solution covering operations , co-marketing , omni-channel , and digital content creation services that assist local fashion brands in their Digital Transformation efforts , grow their online sales and help them become more sustainable .
Fadi Antaki , Founder and Chief Executive Officer at The Fashion Kingdom , said : “ We are delighted to announce The Fashion Kingdom ’ s US $ 2.6 million seed fund raise . The support of new and existing investors is a proud moment for the entire team . 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 3.3 times 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 .”
Co-founders Fadi Antaki , Marianne Simaika and Karim Abd El Kader launched TFK in July 2020 with the purpose of helping local fashion entrepreneurs and brand owners sell online , serving customers through an affordable and convenient shopping experience and creating meaningful careers for young and emerging talents .
TFK is currently helping more than 200 local and international leading brands grow their sales online
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