- Mira, a beauty and wellness startup based in Cairo, has received a $200,000 investment from Wingoo Investment and Technology to expand its customer base and reach outside the continent.
- This comes on the heels of its first locally-produced beauty product in late 2023, which the company plans to unveil later in the year.
- The direct-to-consumer (D2C) startup is targeting a customer base of 100,000 clients by the close of 2024, with plans for expansion into the United Arab Emirates (UAE) and Saudi Arabia.
Mira, founded by Amira Dawood, offers affordable beauty products to address the challenges of high prices and foreign currency shortages as demand for imported cosmetics and skin care products rises.
Dawood announced this development in a statement, emphasising that the startup's goal is to establish a robust Egyptian brand with a loyal customer base by the end of the year, after which it intends to consider attracting investment to fuel business expansion and growth.
Recognising the fierce competition from international products, Dawood expressed the company's commitment to developing new merchandise specifically for the local market. She stated that these products would be available via the startup's website.
Additionally, the startup intends to open retail locations for potential customers to buy or try the products before committing.
On why Wingoo invested in the startup, Ahmed Al-Shehabi, the company’s CEO, expressed trust in the quality of Egyptian products, which prompted the investment in the cosmetics and skincare startup.
He revealed that Mira plans to expand and explore new markets over the next three years, extending beyond Egypt, the UAE, and Saudi Arabia.
According to a report, the estimated size of the Egypt eCommerce market will be $9.05 billion in 2024, with a projected growth of $18.04 billion by 2029. This signifies a compound annual growth rate (CAGR) of 14.80% during the forecast period from 2024 to 2029.
In June 2023, the country announced a five-year tax break for startups to strengthen the country's ecosystem and retain talent.