Egyptian e-commerce startup, Hoods has received an undisclosed amount of investment from one of MENA’s leading Buy-Now-Pay-Later (BNPL) platform valU.
Co-founded by Waleed Ghalwas and Mostafa Hanafi, Hoods was launched in late 2020 to provide shopper/consumers with a platform that lets them search for and compare brands via live video. Early 2022, the startup had raised a pre-seed investment round of $350,000.
The leading BNPL platform, valU, recently announced its acquisition of an employee benefits and management platform Paynas. Lately, it also took over the minority shares of the youth focused fintech company,Kiwe.
According to the press release that revealed the investment, this investment is part of valU’s plan and mission towards collaborating with diverse platforms.
Habiba Naguib, valU’s Head of Strategy and Market Expansion, gave more insight on the investment deal, “This investment in Hoods is a testament to valU’s focus on partnering with unconventional marketplaces, platforms, and companies that align with our vision which is centered on developing trendsetting solutions across our digital ecosystem that truly focus on creating seamless and convenient experiences that add value to the daily lives of people across the board. By tapping into this exciting space, we gain access to Hoods’ technology and community, which allows us to offer them convenient financing solutions as they shop online. Meanwhile, we are enabling valU’s expansive merchant network to be featured on Hoods’ live shopping platform, which will drive more demand and provide valU’s customers with access to a disruptive platform that will elevate their shopping experience.”
The shopping platform, Hoods, has been able to create a smart and easy to use experience for its users. The platform has proven to be distinct in feature therefore gaining a tangible amount of traction.
Mostafa Hanafy, Hoods’ co-founder, also expressed satisfaction with the investment via his comment “Our passion stems from our inherent drive to create valuable, life changing experiences that shape and create markets. Thus, we are very excited today to be partnering with a leading player in the fintech space like valU to elevate Hoods’ offering to consumers and to expand its client base. valU’s investment has further cemented our confidence in the attractive future that the virtual shopping space holds. By creating change in this ecosystem, we have built a new market, that has created new and exciting experiences for our clients. The investment by valU will also allow us to expedite our growth plans and achieve more impact in the market.”