Egyptian furniture e-commerce platform Ariika has secured $3 million in a Series A extension round, spearheaded by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and UAE-based Citadel International Holdings. The funding marks a significant step in Ariika’s ambitious regional expansion strategy, with plans to launch in Saudi Arabia by early 2025 following its successful entry into the Iraqi market earlier this year.
Founded in 2016 by Khaled Attallah and Shahir Arslan, Ariika operates as a direct-to-consumer (D2C) home décor brand, collaborating with global artisans to curate a modern and accessible product line. The company has emerged as a key player in the MENA region’s fragmented $20 billion home and décor market, which is growing at an annual rate of 10%.
Ariika reported a compounded annual growth rate (CAGR) of 90% since its inception, serving over one million customers worldwide and generating 15% of its revenue through exports. The startup also collaborates with leading real estate developers across the region, reinforcing its reputation as a design-forward, customer-centric brand.
The $3 million raised in the latest funding round will be deployed to enhance Ariika’s market penetration in Iraq and Saudi Arabia, markets expected to account for half of the company’s consolidated business by 2025. Ariika’s flagship store in Baghdad has already capitalized on Iraq’s burgeoning consumer market, while its Saudi Arabia entry is scheduled for January 2025.
“This funding underscores our commitment to driving sustainable, profitable growth while delivering an unmatched customer experience,” said Khaled Attallah, Ariika’s CEO and co-founder. “Our vision is to become the leading home décor brand in the MENA region by focusing on quality, innovation, and meaningful consumer relationships.”
The investment also highlights the broader objectives of Beltone Venture Capital and its recent partnership with CI Venture Capital, a UAE-based subsidiary of Citadel International Holdings. In April, the two entities launched a $30 million fund dedicated to nurturing startups across the Middle East and North Africa.
The fund targets early-stage ventures in high-growth sectors, with a particular focus on companies leveraging technology to disrupt traditional industries. Notable investments to date include logistics platforms Bosta and Trella, restaurant payment startup Qlub, and now Ariika.
Ali Mokhtar, CEO of Beltone Venture Capital, emphasized the strategic vision behind the fund. “Our mission is to act as partners to founders, providing not just capital but long-term support to help startups scale effectively. Ariika’s performance and expansion plans align perfectly with our objectives,” Mokhtar said.
The Ariika investment underscores the growing momentum in MENA’s startup ecosystem, fueled by an increasing appetite for venture capital and innovation. With the support of Beltone and Citadel, the $30 million fund is set to bolster the region’s entrepreneurial landscape, identifying and nurturing high-potential companies that can drive long-term economic transformation.
Fady Dahlan, Managing Partner of CI Venture Capital, added, “Our collaboration with Beltone enables us to channel critical resources into startups that can redefine industries. Ariika’s journey is a prime example of how innovative companies can disrupt traditional markets and create significant value.”
As Ariika continues to expand its footprint, its focus remains on maintaining its high growth trajectory while consolidating its position as a leader in MENA’s competitive home furnishings market. The latest funding is not just a testament to the company’s strong fundamentals but also a signal of the increasing confidence regional investors are placing in tech-enabled consumer businesses.
For Beltone and CI Venture Capital, the Ariika investment is a promising early milestone in their broader strategy to reshape the regional venture capital landscape. The stage is set for further developments as the fund ramps up its investments in emerging startups across the MENA region.