Ariika announced on Wednesday a $3 million investment to expand throughout MENA (Middle East and North Africa). Ariika will strengthen its footprint in the $20 billion home and décor sector with its Series A extension round backed by Beltone Venture Capital and Citadel International Holdings.
According to Ariika, the capital comes at a time when the company is continuing its remarkable trajectory, which includes a year-over-year (YOY) revenue growth rate that is three times higher than the previous year and consistent profitability. Ariika is making the most of a major potential; the market for home and décor in the Middle East and North Africa (MENA) is estimated to be worth $20 billion and is expected to expand at a compound annual growth rate (CAGR) of 10 percent.
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Ariika surpasses 1 million customers globally
Ariika’s remarkable CAGR of 90 percent has been achieved since its establishment in 2016. The company has completed multiple projects with leading local real estate developers and served more than a million customers globally. More than 15 percent of total income comes from its export division, demonstrating its robust global presence.
Ariika’s revolutionary concept connects a fragmented home goods sector with a digital-first platform. It leads the industry with its outstanding product selection, competitive price, and smooth online and offline shopping experience.
Ariika opens Middle East flagships to grow
Ariika just opened its flagship store in Baghdad, Iraq. This shows that the company focuses on areas with a lot of growth. Next, in January 2025, the company will open its flagship shop in Saudi Arabia. These additions align with the company’s plan to increase its presence in Saudi Arabia and Iraq, two of its biggest markets in the region. They are expected to account for half of the company’s total business by 2025.
The newly acquired money will support these expansion initiatives by facilitating portfolio development and go-to-market strategies and fostering the growth of the local market.
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Ariika thrives on quality, innovation, and service
Khaled Attallah, the CEO and co-founder of Ariika, credited the company’s success to its steadfast dedication to customer service, innovation, and quality.
“We continue to outperform our peers, gain market share, and distinguish ourselves as one of the region’s fastest-growing digital-first, design-led home brands,” said Attallah.
He underlined Ariika’s emphasis on creating cutting-edge goods, cultivating close relationships with clients, and providing an exceptional omnichannel experience.
Ali Mokhtar, CEO of Beltone Venture Capital, praised Ariika’s operations 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 said.