Barely two years down the line, Cairo-based beauty e-commerce startup Source Beauty is defying all the odds and preferences for essential services by investors amidst the current global lockdowns to secure a sizeable pre-seed investment from 500 Startups, the most active global venture capital firm. Source Beauty hopes to further support beauty products made in Egypt as well as and plans to expand its footprint to regional and global markets.
What are the facts?
- Although 500 Startups did not disclose the amount involved in this round of funding, the venture capital firm is known generally to invest $150,000 in companies that take part in its Seed Accelerator programme, with the possibility of follow-on investment of up to an additional $500,000 or 20% of your next priced round of $1,000,000 or more, whichever is lower.
- With the newly raised funds, the e-commerce startup for locally sourced beauty products intends to deepen its platform capabilities, grow its team and expand its footprint to regional markets.
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