Ariika, a digital-first, direct-to-consumer home furnishing brand, has successfully raised $3 million in its Series A extension equity round. The investment was spearheaded by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and UAE-based Citadel International Holdings. This funding milestone paves the way for ariika to accelerate its expansion within the Middle East and North Africa (MENA) region while reinforcing its market presence.
The funding comes as ariika continues its impressive trajectory, boasting a 3x year-over-year (YOY) growth rate in sales on a USD basis and sustainable profitability. With the home and décor market in MENA valued at $20 billion and projected to grow at a compounded annual growth rate (CAGR) of 10%, ariika is capitalizing on a significant opportunity.
Revolutionizing MENA’s Home Furnishing Market
Since its founding in 2016, ariika has grown at an exceptional CAGR of 90%. The brand has served over one million customers worldwide and completed numerous projects with top regional real estate developers. Its export segment accounts for over 15% of total revenue, underlining its strong international presence.
Ariika’s innovative approach consolidates a traditionally fragmented market, creating a digital-first destination for home furnishings. Its model emphasizes superior product variety, competitive pricing, and a seamless online and offline shopping experience, distinguishing itself as a leader in the evolving industry landscape.
Strategic Expansion in Key Markets
Ariika recently opened its flagship store in Baghdad, Iraq, a testament to its strategic focus on high-growth markets. Next, the company is set to unveil its flagship store in Saudi Arabia in January 2025. These expansions align with the company’s vision to strengthen its footprint in two of its largest regional markets, Saudi Arabia and Iraq, which are projected to contribute 50% of its consolidated business by 2025.
The newly acquired capital will support these expansion efforts by enabling portfolio development and go-to-market strategies while fueling local market growth.
Leadership and Vision
Khaled Attallah, CEO and co-founder of ariika, attributed the company’s success to its unwavering commitment to quality, innovation, and customer service. “We continue to outperform our peers, gain market share, and distinguish ourselves as one of the fastest-growing digital-first, design-led home brands in the region,” said Attallah.
He emphasized ariika’s focus on developing innovative products and fostering deep connections with customers while delivering a superior omnichannel experience.
Ali Mokhtar, CEO of Beltone Venture Capital, echoed this sentiment, highlighting ariika’s operational excellence and market potential. “Ariika has emerged as a standout company in a thriving sector, showcasing impressive operational results in recent years. With bold expansion plans underway, ariika is strategically positioned to establish itself as the leading home furnishings brand in the region,” Mokhtar stated.
