Source Beauty, an Egyptian beauty e-commerce company has just raised a six figure dollar seed round from Geneva-based ACE & Company as well as other angel investors.
Founded in 2016, Source Beauty began as a blog and launched in 2018 as an e-commerce platform, which now showcases over 2000 products from 60 brands according to its website.
This is Source Beauty’s second investment round, having raised an undisclosed sum from the venture capital firm 500 startups.
“With the help of this new funding, we will be able to continue our growth and to power additional brands that respond to our customers’ needs. We will build a stronger team, hire new talent, have more marketing muscle and continue to invest in new technologies. We will continue to focus on our value proposition to our customers and address existing gaps in the market in terms of organic Fairtrade beauty and local alternatives.” Said Lydia Schoonderbeek, Founder and CEO, Source Beauty.
ACE & Company was founded in 2005, having its headquarters in Geneva and offices in London, Hong Kong, New York, and Cairo giving it an exceptional network of opportunities across its diverse investment portfolio.