La Reina has raised an undisclosed six-figure investment in a seed funding round it will use to expand its team and launch a new fashion subscription service. Founded in 2016 by Ghada El-Tanawy and Amr Diab after they experienced their own problems getting hold of a bridal dress, La Reina allows women to rent their evening and bridal gowns to each other. It caters to women standing on either side of a demand and supply equation, with designer dresses as their meeting point. The startup secured a US$1 million Series A funding round led by Algebra Ventures, Egypt’s largest venture capital fund, with participation from global VC fund 500 Startups, back in May 2018, and has now raised more money from the same two companies, plus a handful of angel investors. La Reina, which has over 100,000 users, will use the undisclosed amount of funding to grow its team, and launch its fashion subscription service – The Box. Available on La Reina’s mobile app and website, The Box partners with renowned fashion brands such as Zara, Massimo Dutti, Mango and Stradivarius to provide the members with the newest collection to be used and returned within a week.
SOURCE: DISRUPT AFRICA