Egypt-based startup Shatablee raises $1.2 mln in funding

Doaa A.Moneim , Wednesday 9 Mar 2022

Egypt-based startup Shatablee, which is specialised in digital interior design and tackling finishing problems in the local market, has raised $1.2 million in funding, the company said on Wednesday.

Moustafa Amer
CEO of Shatablee Moustafa Amer

Founded in 2021, Shatablee focuses on digitally transforming the traditional home finishing process with a variety of financial solutions under one single digital platform.

“The sheer size and fragmentation of the market play to our advantage. We believe that Shatablee is best suited to address the asymmetries faced by customers as well as professionals in the market, be it the lack of financing, the prolonged time to deliver that may take up 12 months, the limited price transparency or the inadequate quality of houses created across many segments, specially within gated communities,” said Moustafa Amer, founder and CEO of Shatablee.

Amer added that the raised capital will be used to empower the company's strategy and the implementation of its expansion plans across its home market.

In 2021, venture capital (VC) invested in Egyptian startups grew by 176 percent year-on-year to reach record-high VC funding, according to Magnitt’s Venture Report for Egypt 2022 released in January.

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