Lebanese interior design startup Moodfit has just closed a $400,000 seed investment from Seeders Angel Group and IM Capital, Impact Fund by Middle East Venture Partners (MEVP), and iSME Capital. The brainchild of Ghassan Abi Fadel, Tarek el Jaroudi, and Mohamad Sabouneh, the startup has been operating in Beirut and Dubai for more than a year.
The three founders, who met during an AUB MBA entrepreneurship course in 2014, set off to disrupt the interior design industry, personalising online decorating service by leveraging on crowdsourcing, giving users the chance to experience the luxury of an interior designer. “The interior design and furniture industry in the MENA region is estimated at over $20 billion and it is yet to be disrupted by technology. Moodfit aims to take this industry online and democratize interior design by changing it from a complex and expensive task to a convenient, enjoyable and affordable online service,” said Sabouneh, adding that they plan on integrating AR/VR, machine learning and other features into the platform soon.
Nicolas Rouhana, IM Capital’s general manager, said: “The team has the right elements to make Moodfit a market leader in the region and is very responsive to the technical support we are offering them through coaching and mentoring. We forecast a great potential growth.” Last October, the startup was featured by Forbes as the 22nd top startup in the Middle East
, and previously listed as one of Executive Magazine’s ‘Top 20 Entrepreneurs in 2015.’
Main photo: Courtesy of Moodfit.