Arab Finance: ariika, a direct-to-consumer home furnishing brand, has bagged $3 million from its series A extension round, with investments from Beltone Venture Capital and UAE-based Citadel International Holdings, as per an emailed press release.
The new capital will be used to support ariika’s expansion, especially in Saudi Arabia and Iraq.
The company plans to open its flagship store in Riyadh, Saudi Arabia, in January 2025, following the recent opening of its flagship in Baghdad, Iraq.
These two markets are expected to contribute 50% of the company’s business by 2025.
The funding will help support the company’s growth in the Middle East and North Africa (MENA) region, which has a home and décor market valued at $20 billion.
This investment highlights ariika’s solid performance, achieving more than 3x year-over-year (YoY) sales growth and maintaining strong profitability.
Since its launch in 2016, Ariika has seen a CAGR of 90%.
The company has served over one million customers globally, with export sales making up more than 15% of its revenue.
ariika has also completed numerous projects with real estate developers and industry leaders across the region.
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