Egyptian startup La-Reina announced that it had seized $1 million in a recently wrapped-up Series A round. The funding was led by Algebra Ventures and global investors 500 Startups.
La-Reina, which lets women rent evening and bridal gowns at affordable prices, has been at the forefront of the country’s relatively new but fast-growing online couture rental market. The company’s business model intrinsically depends on close collaboration with dress owners and a sustainable long-term relationship with clients.
For clients, La-Reina comes as a lifesaver whenever they need to be dressed up for a particular occasion as it gives them access to practically limitless wardrobe choices without having to spend a fortune in the name of ownership. As for dress owners, they can earn good money from dresses that would otherwise sit quietly somewhere in a closet. It’s a win-win situation for both parties.
The company plans on utilizing the newly raised funds to expand wardrobe choices available for clients to more than 5,000 by January 2019.
“When you think online fashion in Egypt, La Reina should become the answer. We continuously work towards the day when renting becomes a daily choice for millions of Egyptian women,” said Amr Diab, co-founder of La-Reina. Meanwhile, Ghada El-Tanawy, co-founder, and CEO, added: “We aim to become the biggest fashion closet in Egypt through reaching the threshold of 5,000 items by next January. This would not only mean a revenue worth of EGP 8 million for the dress owners; but also, a humble boost for the local economy, and a starting point for an underrated business model.”