Shatablee, an interior designing and home renovations platform based in Egypt has raised $1.2million in its seed round. It however, did not disclose the investors.
According to the founder, the capital raised will be used to empower the company’s ambitious growth strategy and the implementation of its expansion plans in its home market.
Shatablee was founded in 2017 by Moustafa Amer with the aim of digitizing traditional methods of home renovations.
Shatablee allows its customers to customize and place orders for the aesthetic design they want. Within 90 days of submission and contract signature, Shatablee delivers what could normally take up to a year to complete.
Shatablee offers streamlined finishing solutions and innovative free off-the-shelf designs tailored to meet customers’ needs.
The platform also offers various financing solutions, making it the first one-stop shop for digitized interior designing and financing in Egypt.
Amer claims that the sheer size and fragmentation of the finishing market play to the startup’s advantage.
The fragmented market and the startup’s flexibility make Shatablee best suited to address the asymmetries faced by customers as well as professionals in the market.
According to Moustafa Amer, founder and CEO of Shatablee, the startup is set to solve problems, “…be it the lack of financing, the prolonged time to deliver that may take up to 12 months, the limited price transparency or the inadequate quality of houses created across many segments, especially within gated communities.”
Interestingly, in 2020, the real estate industry contributed nearly $62 billion to the Egyptian national economy, while the design and build industry accounts for 30 per cent, said Shatablee, citing official data.