Egyptian startup La Reina, an online platform for rental couture, announced receiving $1 million in a Series A funding round led by Egypt’s largest venture capital fund, Algebra Ventures, with participation from the global VC fund, 500 Startups.
Founded in 2016 by Ghada El-Tanawy and Amr Diab, La Reina, allows women to rent their evening and bridal gowns to each other. The company’s database is currently full of millennials who appreciate fashion, and who are economically-savvy. To date, the platform has garnered more than 3.5 million Egyptian Pounds (US$ 198,000) for dress owners.
“Our number one priority is to take our collection from hundreds to thousands. We aim to grow our current closet in order to reach 5,000 items by next January,” said El-Tanawy. “This would not only mean a revenue worth of 8 million Egyptian pounds ($452,700) for the dress owners, but also a humble boost for the local economy and a starting point for a transformative business model.”
The company also plans to use the acquired investment to expand its team, said Diab. “At La Reina, we realize that people are the start and end point. We are determined to find the best talent in the local market. Our team has tripled in the past two months, and we’re still looking for more spectacular minds.”
Algebra Ventures’ managing partner, Ziad Mokhtar said: “La Reina is taking the first big step in transforming the way Egyptians consume fashion. Startups that go after sizable multi-billion dollar industries, like fashion, attract Algebra’s attention. La Reina is leveraging shifts in consumer behavior driven by technology, and that excites us.”
Featured image: La Reina Banner.