Homzmart, the Middle East region’s leading furniture and home goods marketplace platform, has acquired a Berlin-based technology company, MockUp Studio, thus extending its consolidation of the furniture value chain.
The acquisition is further evidence of Homzmart successfully executing its strategy to consolidate the full home goods and furniture value chain, and complements the company’s vision to transform the way in which consumers shop and furnish their living spaces.
Homzmart has the backing of investors including MSA Capital, a global investment firm with over $1.5 billion in assets under management, Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.
MockUp Studio’s technology will allow consumers to visualize their furnished home in minutes. The acquisition means Homzmart will digitize the whole interior design process, starting from an empty room, exploring different layouts, finishings and floorings with different sets of Homzmart’s catalog assortment, shown as a 360-degree view.
Integration of MockUp Studio into Homzmart’s operations will begin immediately. It is anticipated that the full home visualization and interior design experience will be available to Homzmart’s consumers in the fourth quarter of the year.
Mahmoud Ibrahim CEO & Co-Founder Homzmart
“We are delighted to complete this acquisition in Germany, and start integrating MockUp Studio’s technology into Homzmart’s product family. We have been very clear that our intention is to grow rapidly, expand regionally, and consolidate the whole furniture value chain. We are successfully doing all these things, and this M&A is a solid step in our value chain strengthening.”
With its use of artificial intelligence (AI) and advanced computer vision, MockUp Studio digitizes furniture shop images rapidly and efficiently. The technology understands images to accurately mix and match items based on interior design guidelines.
The technology also considers the size, room layout and furniture layout of the desired space. MockUp Studio’s algorithms fetch the optimum furniture to match user styles and the room architecture.
The acquisition follows Homzmart’s rapid growth with operations in 2021 that have tripled in size, following huge consumer demand. In November 2021, Homzmart also expanded into Saudi Arabia, a $15 billion market, growing at 10 percent CAGR per annum.
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