A ‘strategic’ angel investor from the United Arab Emirates has made a six-figure investment in Cairo-based direct-to-consumer (D2) furniture and home accessories startup Drowzy, the startup said in a statement without disclosing the exact size of investment.
“We’ve been studying the furniture scene for some time in Egypt, regionally & globally, and we believe that there is an obvious gap in fixed, fast & practical home products. We started in Egypt 3 years ago & now we believe that this partnership will add value & ease the way into different markets”, said Alaa Khalil, CEO of Drowzy.
Here Is What You Need To Know
- Although the identity of the angel investor was not disclosed, the investment was, at least, in excess of $100k. The startup also met the strategic angel investor at the ongoing STEP 2020 Dubai, a fundraising bootcamp program for startups from emerging markets.
- The financing will be used to accelerate the growth, widen the catalogue of products, disrupt the global market, hire more resources and launch a Do-It-Yourself line of products.
Why The Investor Invested
More of preparation meets opportunity here! Drowzy took advantage of the ongoing bootcamp program organised for startups in emerging markets by STEP. Startups are selected from those participating in the Startup Basecamp to participate at STEP’s online pitch competition to present their products and services to leading investors and industry experts. Participating startups and entrepreneurs then go ahead to get the opportunity to sign up for online 1-on-1 sessions with leading investors from the region from pre-seed to early and growth stage investors.
A Look At What Startup Drowzy Does
Founded in 2017 by two architects — Alaa Khalil & Mohamed Lotfy — Drowzy is an online store, which offers a wide range of locally manufactured: trendy, affordable, practical & durable furniture & home accessories pieces.
The startup partners with different small and medium-sized furniture workshops and mini-factories to manufacture the furniture designed by Drowzy’s team and then sell it on its platform. The startup currently sells close to 100 products and about 300 SKUs through its online platform all across Egypt.
“Drowzy helps designers all over the world, monetize their designs, while helping the small/medium-sized workshops & mini-factories increase their revenues significantly & grow”, said Mohamed Lotfy, CDO of Drowzy
Alaa Khalil, the co-founder of Drowzy, said furniture brands in Egypt take up to two months to deliver their orders mainly because they offer customizations and Drowzy doesn’t.
“No need for the hassle of visiting a physical store, just visit our online store & choose your missing piece & we will deliver it right away. What if you don’t like, just return it for free,” Khalil noted.
Drowzy, he said delivers all its products across the entire country within six to ten days of receiving the order. They’re aiming to bring this down to two to three days by the end of this year.