Cairo, Egypt-based beauty e-commerce platform Source Beauty, on Wednesday, announced that it has raised a six-figure seed funding from ACE & Company, Geneva and a group of angel investors. The financials of the deal were not disclosed.
The company aims to utilise the fresh capital to deepen its market share, develop the platform further, scale its marketing initiatives, higher manpower, and increase its brand awareness.
Founded in 2018 by Lydia Schoonderbeek, Source Beauty is an informed beauty e-commerce platform that seeks out the best skincare, makeup, fragrances, and health products in the market and acts as a hub of information for the Egyptian female. The company claims to house over 3500 products in its inventory sourced from 80 local and international brands.
According to Crunchbase, earlier this year, the company raised an undisclosed amount of Pre-Seed funding from 500 Startups.
Speaking of the development, Lydia Schoonderbeek, Founder & CEO of Source Beauty, in a statement said,
“We are thrilled to be working with this prestigious group of investors to help strategically grow our brand even further. Their investment in Source Beauty is a testament to their conviction that we are a promising business in an underserved, yet growing market. We will continue to focus on our value proposition to our customers and address existing gaps in the market in terms of organic fairtrade beauty and local alternatives,”
On investing in Source Beauty, Sherif El Halwagy, co-founder and managing director of ACE & Company, said,
“It is always refreshing to meet and listen to entrepreneurs and startups with the vision and potential to cause a genuine change in the market. This investment reflects the extent of ACE’s attention given to emerging businesses that contribute to the empowerment of women and to the support of local suppliers. We look forward to seeing Source Beauty grow multiple folds in the next period,”