SourceBeautyreceivesinvestmentfrom500Startupsandissettorevolutionizethebeautysector

Thebeautye-commerceStartupsupportslocallysourcedbeautyproductsandplanstoexpandits

footprinttoregionalandglobalmarkets

Cairo,10May2020–Source Beauty, the leading Egyptian beauty e-commerce platform, has announced today that thecompany has raised pre-seed funding from500 Startups, themost active global venture capital firm.With the newly raised funds, the e-commerce startup for locally sourced beauty products intends todeepenitsplatformcapabilities,growitsteamandexpanditsfootprinttoregionalmarkets.Established in2018,SourceBeautywas foundedbyLydiaSchoonderbeek.With itsnew-to-themarketbusiness model, Source Beauty has grown its sales orders seven-fold and simultaneously increasedrevenuesnine-fold since their launch,with anofferingof over 55 local brands to-date.Over thepastyear, thestartuphasdemonstratedviabilityof itsbusinessconcept, fulfillmentofa realmarketneed,loyalty of a growing customer base, accelerated business performance and it comeswithout surprisethatthisyoung,freshventurereceivedfundingfrom500Startupstorealizefurthergrowth.LydiaSchoonderbeek,FounderandCEOofSourceBeautysaid,“Weareverypleasedtoreceivefundingfrom 500 Startups to support Source Beauty on its growth journey.With a sustainable and scalablebusiness model with substantial potential for further expansions, our strategy is to emulate SourceBeauty’s concept in selected regional and global markets over the next three to five years. We areconfident thatwith the support and advice of the 500 Falcons teamwewill be able to increase ourportfolio of brands and suppliers, invest in human development, and contribute towards economicempowermentbyprovidingaplatformforlocalbusinessestoselltheirproducts.”Mr.SharifEl-Badawi,ManagingPartnerMENA,at500Startupssaid:“Ourmissionat500StartupsistobacktalentedentrepreneursandhelpthemcreatesuccessfulcompaniesatscaleandSourceBeautyisonesuchcompany.DespitethecurrentCOVID-19situation,wearedelightedtohaveinvestedinthise-commercebeautyplatform.WewishLydiaandherteamtheverybestandlookforwardtoseeingthemscaletheirbusinesstothenextlevelandexcelinthenearfuture.”

Fromaneconomicstandpoint, it isundeniablethatEgypt’sbeautyindustryhasapositivecontributiontotheEgyptianeconomy,withananticipatedmarketsizeinexcessofUSD200million.Schoonderbeekexplains, “Millennial consumers use social media platforms to keep up with beauty trends and forpurchasemotivation. Source Beauty guides them and focuses on building a personalized relationshipwith each of its customers’ beauty needs providing a user-friendly browsing and buying experience.Despite the current unfortunate pandemic situation,wehave seen growth in our customer base andsalesnumbers.”Lydia also commented on the importance of supporting local products. “The local beauty marketremainswidelyuntappedandgrowingyear-on-yearataround15to20%.Keenonshapingthemarketwhilecapturingamajorshare,we’veintroducedmonthlybeautysubscriptionboxes,apillarinourvalueproposition,providingwomenwithhigh-quality local alternatives that areaffordable. Lateron, in theyear,welookforwardtohavingfurtherinvestorswhosupportsuchinitiativestojoinusonboard.”

-END-Formediaenquirescontact:Name:MohamedAminCompany:SeniorMediaRelationsEmail:mamin@jupitercommz.comMob.:+201001365549AboutSourceBeauty:SourceBeautybeganitsoperationsin2018andisa leadingbeautye-commerceplatformthatfocuseson localmillennial price-friendly beauty products. The company offers carefully curated and selectedbeauty products from all over Egypt with selected leading international brands, who source andmanufacturemanyoftheirproductslocally.SourceBeautyhousesover55brandsandlooksatofferingawidervarietytoitsclientele.Source Beauty has built a growing business model based on principles of fairtrade, sustainability,cruelty-free, women empowerment and economic development. For more information on SourceBeautypleasevisitourwebsiteonwww.sourcebeauty.meAbout500StartupsMENA:Silicon-Valleybased500Startups, themostactiveearly-stageVentureCapitalFund intheMiddleEastandNorthAfrica (MENA)regionwasestablished in2012. Since its first investment in theregion,500Startupshascommittedtoinvestmentsinover160startupsacrosstheregion.Withthelaunchof500Falcons, a MENA focused fund in 2017, 500 Startups plans to invest in approximately 100-150companies over a three-year period in addition to follow-on investments into the top performingcompanies.Forfurtherinformation,pleasecheckourwebsite:https://mena.500.co/mena/