Beltone Venture Capital acquires 20% stake in ariika
Updated 9/7/2023 7:32:00 AM
Arab Finance: Beltone Venture Capital, a wholly owned subsidiary of Beltone Financial Holding, has acquired a 20% stake in the homeware brand ariika for a total of EGP 31 million, the company said in a disclosure.
Beltone Venture Capital has invested in ariika through via a series A equity funding round.
ariika is planning to dedicate the raised funding to expanding its regional presence across the Middle East and North Africa (MENA), starting with Saudi Arabia by the fourth quarter (Q4) of 2023, via its omni-channel go-to-market strategy.
Moreover, the funding will be used to develop ariika’s technological infrastructure and digital design.
“We are excited to support ariika and its leadership team to achieve their vision and lead the home and decor sector in the MENA Region,” Beltone Venture Capital’s CEO Ali Mokhtar commented.
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