Hoods, an Egyptian Live e-Commerce Platform Secures Funding From valU

Hoods, a live e-commerce platform developed in Egypt, has received finance from valU, a division of the Egyptian investment bank EFG-Hermes.

Mostafa Hanafi and Waleed Ghalwas created Hoods in late 2020 to help consumers identify and compare goods through live video. Through a seamless experience, its digital platform brings together a retailer, a content producer, and a customer to communicate and carry out retail transactions in an entertaining way.

As opposed to traditional e-commerce, Hoods uses movies created by individuals employing creative content to create distinctive and engaging product displays for buyers.

Hoods has positioned itself as an omnichannel solution that combines in-person purchasing with the speed and convenience of online shopping by providing consumers with a platform where they can engage with influencers and brands to see their desired products come to life.

Earlier this year, the firm collected US$350,000 in pre-seed money; as of right now, it has obtained further funding from the buy now pay later (BNPL) platform valU, based in Egypt. Following its recent acquisition of employee management tool Paynas and investment in fintech startup Kiwe, valU made this investment.

According to Ghalwash, Hoods created a platform that ingeniously combined entertainment and shopping into a single experience that provided both the ease and the thrill of live entertainment through a strong e-commerce platform.

“We make sure that things are delivered as quickly and painlessly as possible to consumers’ doorsteps. We will be able to offer a payment solution that focuses on affordability thanks to our special cooperation with valU, which will further enhance our customers’ purchasing experiences,” he stated.

Habiba Naguib, valU’s head of strategy and market expansion, said, “This investment in Hoods is a testament to valU’s focus on partnering with unconventional marketplaces, platforms, and businesses 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 using this dynamic market, we have access to Hoods’ technology and community, enabling us to provide customers with simple financing options as they shop online. To increase demand and give valU’s clients access to an innovative platform that will improve their purchasing experience, we are simultaneously enabling valU’s extensive merchant network to be featured on Hoods’ live shopping platform.