Cairo-based beauty and wellness startup Mira has secured a $200,000 investment from Wingoo Investment and Technology. The funding will be used to expand its customer base and extend its reach beyond Africa. This follows its initial locally-produced beauty product launch in late 2023, with a public revelation expected later this year.
Mira, founded by Amira Dawood, seeks to address concerns related to steep prices and foreign currency shortages due to the rising demand for imported skincare and cosmetic products, by offering affordable alternatives. The direct-to-consumer startup aims to attain a customer base of 100,000 by the end of 2024 and plans to expand to the UAE and Saudi Arabia.
Dawood stated that the company’s goal currently is to establish a strong Egyptian brand with a dedicated customer base by year-end, after which it will consider further investment for business expansion and growth.
Amira Dawood acknowledged the tough competition from international brands and asserted Mira’s dedication to creating new products targeting the local market. These products are planned to be available through the startup’s website.
In addition, Mira plans to open retail stores, providing potential customers with the opportunity to purchase or sample the products before making a commitment.
Ahmed Al-Shehabi, the CEO of Wingoo, justified their investment in the startup Mira, explaining that the company’s confidence in the quality of Egyptian products led them to invest in the cosmetics and skincare venture.
Wingoo’s CEO, Ahmed Al-Shehabi, shared that Mira aims to venture into new markets beyond Egypt, the UAE, and Saudi Arabia over the next three years.
According to a recent report, the Egyptian eCommerce market is estimated to be worth $9.05 billion in 2024, and is forecasted to grow to $18.04 billion by 2029, representing a compound annual growth rate (CAGR) of 14.80% from 2024 to 2029.
Furthermore, in an effort to bolster the country’s startup ecosystem and retain skilled talent, Egypt announced a five-year tax break for startups in June 2023.
