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.
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.
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A Look At What Startup Drowzy Does
Founded in 2017 by two architects — Alaa Khalil & Mohamed Lotfy — Drowzyis 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.
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