ariika Secures $3 Million to Drive Regional Expansion and Transform MENA’s Home Décor Market
ariika, a direct-to-consumer home furnishings brand, has raised $3 million in its Series A extension round. The funding was led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, and UAE-based Citadel International Holdings.
Expanding in a Growing $20 Billion Market
Operating in a MENA home décor market valued at $20 billion, with an annual growth rate of 10%, ariika aims to enhance its presence and streamline its operations.
The funding will support the company’s plans to:
- Strengthen its presence in Iraq and Saudi Arabia, two key markets.
- Broaden its product offerings to meet customer needs.
- Develop market-specific strategies for better regional reach.
Growth and Achievements
Since its founding in 2016, ariika has:
- Achieved an annual growth rate of 90%,
- Served over 1 million customers globally, and
- Generated 15% of revenue from exports, with this figure expected to grow as operations expand in Iraq and Saudi Arabia.
CEO Khaled Attallah stated:
“This funding allows us to focus on product innovation, improving customer experience, and ensuring operational efficiency as we expand further in the region.”
Investor Perspective
A representative from Citadel International Holdings said:
“ariika’s operational results and strategic approach make it a promising player in a dynamic market.”
Looking Ahead
With plans to open flagship stores in Baghdad, Iraq, and Saudi Arabia by January 2025, ariika is set to expand its role in the MENA home furnishings market. By focusing on product development and adapting to market demands, the company is positioning itself for sustained growth in the coming years.