Egyptian online fashion rental platform La Reina has announced it has successfully raised a six figure (USD) seed investment in a statement. The investment was secured from 500 Startups, Algebra Ventures, and some other angel investors.
The startup had previously raised US$1 million in a funding round led by Algebra Ventures in 2018 the statement noted.
The latest capital infusion will help La Reina to boost operations and growth.
Launched in 2016, La Reina provides a platform where beautiful apparels can be rented by users with some of its collection being as expensive as EGP 360,000 or $22,800 (retail price). The dresses are cleaned and sanitized for rentals.
According to the statement, the startup has partnered with different fast fashion brands including Zara, Massimo Dutti, Mango, Stradivarius to provide its members with the latest collection of these brands.
Ghada Eltanawy, the co-founder and CEO of La Reina in a statement explaining why they launched The Box, said, “We wanted to create something that can help women in the corporate sector who are always on busy schedules. [We’ve done that] by offering them subscription-based services where they can receive a weekly box of joy and fashion delivered to their doorstep. We created The Box to offer practical shopping solutions for women who lead busy lives but are also keen on looking their absolute best every single day. We want our members to become versatile in how they dress up while also encouraging them to create a very minimal wardrobe.”
“Such an approach stresses on the importance of fashion sustainability, The Box helps decreasing the fashion footprint by 85% with each subscriber making it a game-changer that shapes the future of fashion and how we consume it,” she added.
Sharif El-Badawi, the Managing Partner for 500 Startups (500 Falcons), said, “[Even] though Covid-19 has triggered seismic shifts in shopping behavior, we are impressed with how Ghada and her team have worked hard to quickly pivot its strategy to cope with this new era and keep the fashion clothing accessible to its customers. We are excited to support La Reina as they continue expanding their product offerings and forge ahead as pioneers in this fashion rental space.”