Egypt’s Source Beauty raises pre-seed funding from 500 Falcons

Cairo-based online beauty platform Source Beauty has raised a pre-seed investment from 500 Startups’s Middle East and North Africa (MENA) region fund, 500 Falcons.

The startup did not disclose the size of the investment.

What started as a blog in 2016 by Dutch-Egyptian entrepreneur Lydia Schoonderbeek, transformed in 2018 into an online platform selling beauty products.

Tech publication Startup Scene reported in an article on Sunday (10 May) that the business now offers over 1500 products from 55 different brands.

Source Beauty was founded by Dutch-Egyptian entrepreneur Lydia Schoonderbeek in 2018

It said the business has grown its sales orders seven-fold and revenues nine-fold since its launch.

Source Beauty, said the publication had recently also introduced monthly beauty subscription boxes starting from 500 Egyptian pounds  ($32) using which its customers can order makeup, skincare, and haircare products for the entire month in one go.

According to her LinkedIn profile, Schoonderbeek has over 15 years’ experience in the fashion industry and has dual heritage, Dutch and Egyptian. She has lived and worked in Abu Dhabi, Dubai, Leeds (UK), Munich and London.

Featured image: Source Beauty founder Lydia Schoonderbeek (Facebook)