Egyptian beauty startup Mira secures $200k to power growth
TLDR
- Mira Cosmetics has raised $200,000 from Wingoo Investment and Technology for its locally-made beauty product.
- The company plans to introduce a range of cosmetic and skincare products throughout 2024.
- Mira Cosmetics aims to promote local products and build a robust Egyptian brand by focusing on customer loyalty.
Mira Cosmetics has raised $200,000 from Wingoo Investment and Technology following the company's achievement of producing its first locally-made beauty product by the end of 2023. Mira is now gearing up to introduce a range of cosmetic and skincare products throughout 2024.
The inspiration behind Mira Cosmetics stemmed from the observed demand among girls for imported beauty products at high prices due to foreign currency exchange rates. Founder Amira Dawood aimed to address this by establishing a company that produces high-quality Egyptian products at more affordable prices, contributing to the promotion of local products and easing the challenges posed by the US dollar shortage.
While Mira Cosmetics has secured a $200,000 investment, Amira emphasizes that the current focus is not solely on attracting investments. Instead, the company's primary goal is to build a robust Egyptian brand and cultivate a loyal customer base by the end of the year.
Key Takeaways
Mira’s investment and ascent is timely. The beauty industry in Egypt is growing exponentially and is expected to reach a market volume of $188 million by 2025. This growth is driven by factors such as the increasing customs on international beauty products and high demand for variety, which have made customers less dependent on imported beauty products and given way to local manufacturers. The company envisions a high demand for its products, particularly among girls, with a target customer base of 100,000 clients by the close of 2024.
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