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Moodfit Secures Seed Round from Regional Investors
Moodfit, the first online interior design platform in the MENA region based out of Lebanon, announced today that it closed a seed investment worth north of $400K from Seeders Angel Group and including IM Capital, Impact Fund by Middle East Venture Partners (MEVP) and iSME Capital.
This investment comes after more than a year of operating in Beirut and Dubai, during which Moodfit proved its model and gained traction in both countries. This round also coincides with several significant investments in similar companies in the US such as Havenly and Modsy.
Through Moodfit’s platform and design tools, clients get to choose the designer who would submit a design that fits their style and furniture budget. Once the design is finalized, Moodfit then saves its clients the hassle of shopping by coordinating the delivery of furniture and decoration from the local suppliers to the clients’ place.
The startup is the brainchild of Ghassan Abi Fadel, Tarek el Jaroudi, and Mohamad Sabouneh, three entrepreneurs who met during an AUB MBA entrepreneurship course in 2014. The trio wanted to start a business that benefited from both their diverse backgrounds and from the business expertise that the MBA program provided and the idea was conceived ‘when the Designer, the Operations Manager, and the Venture Capitalist teamed up to create a solution that democratizes interior design.’ The initial funding that allowed the founders to transform Moodfit from concept to reality came from winning first prize in AUB’s Darwazah Student Innovation Contest in June 2015. The trio also went on to receive another $15,000 through the Kafalat SME program, and $3,000 through the IDEAL Business Competition.
Moodfit’s cofounders note that “this round will allow us to further grow in Lebanon and begin scaling across the GCC starting with the UAE. The interior design and furniture industry in the MENA region is estimated at $20B+ and it is yet to be disrupted by technology. Moodfit aims to take this industry online and democratize interior design by changing it from a complex and expensive task to a convenient, enjoyable and affordable online service. We have a very exciting product roadmap ahead of us which includes integrating AR/VR, machine learning and other cool features into our platform that solve key pain points and will allow us to further streamline our operations”.
According to Dr. Nicolas Rouhana, IM Capital’s General Manager “The team has the right elements to make Moodfit a market leader in the region and is very responsive to the technical support we are offering them through coaching and mentoring. We forecast a great potential growth.”