Egyptian Beauty Startup Mira Secures $200,000 in Investments
Mira envisions a customer base of 100,000 clients by the close of 2024, anticipating a high demand for Mira's products, particularly among young girls.
Cairo-based direct-to-consumer (D2C) beauty and wellness startup Mira has secured an investment worth $200,000 from Wingoo Investment and Technology.[1]
Read More: Omniful Raises $5.85 Million Seed Round
The announcement follows Mira's recent milestone of producing its inaugural locally crafted beauty product, set to be unveiled in the coming weeks.
Amira Dawood, CEO and founder of Mira Cosmetics and Skincare identified a burgeoning demand among girls for imported beauty products commanding high prices in foreign currency.
In response, Dawood conceptualized the idea of manufacturing high-quality Egyptian beauty products at affordable prices, aiming to promote local excellence.
Mira anticipates a customer base of 100,000 clients by the close of 2024, envisioning a demand for Mira's products, particularly among young girls.
CEO of Wingoo for Investments and Technology Ahmed Al-Shehabi revealed in the press release that his firm plans to enter new markets beyond Egypt, including the UAE and Saudi Arabia, over the next three years.
According to the analysis by Data Bridge Market Research, the Middle East and Africa cosmetics market is experiencing a growth rate of 4.8% CAGR from 2023 to 2030.[2]
The market is projected to achieve a valuation of $11.034 million by 2030.
The young entrepreneur is addressing the need for local high-quality Egyptian cosmetics and skincare products. Mira aims to alleviate challenges posed by the US dollar shortage and provide an alternative to expensive imported items.
The startup hopes that the raised funds will help the company build a strong Egyptian brand and foster a loyal customer base by the end of this year.
