Overview
MAKAN is a dynamic UAE-based startup that was established in 2021. It operates under an innovative ‘Furniture-as-a-Service’ business model. Headquartered in Dubai, MAKAN provides a seamless and flexible furnishing solution targeted primarily at young professionals and property investors. Through the use of a digital marketplace, MAKAN simplifies the renting, swapping, and buying of furniture, eliminating long-term commitments.
Founders and Leadership
- Youssef Sekkat: Co-Founder of MAKAN, leverages extensive consulting experience to advance MAKAN's hassle-free furniture solutions.
- Othmane Saifaoui: Co-Founder, collaborates with Sekkat to transform the furniture-buying experience, driven by personal relocation experiences and the associated challenges of furniture acquisition.
Business Model
MAKAN's business model focuses on leasing furniture sets designed by in-house professionals. Customers have the option to swap or renew these sets at the end of each lease period. After 24 months, customers can opt to own the furniture without paying beyond the retail price, making this service an attractive alternative to traditional furniture purchasing.
Market and Clientele
MAKAN caters to young professionals aged 25-40, who frequently move and prefer flexible furnishing solutions. Additionally, the service is ideal for investors aiming to furnish properties cost-effectively to elevate their market value. The target demographic also includes style-conscious individuals who favor periodic updates to their living environments.
Growth and Future Prospects
MAKAN has successfully completed a Pre-Seed funding round with contributions from angel investors and Flat6Labs Ignite. The startup is focused on broadening its product line to include accessories, electronics, and more, thereby solidifying its position as a complete furnishing solution provider. Future plans include strengthening its base in the UAE and potentially expanding throughout the MENA region to become a leading player in the market.
Key Offerings
- Flexibility: Lease terms start at a minimum of three months, with options for return, renewal, or purchase at the lease’s conclusion.
- Convenience: Offers quick delivery and assembly services with furniture sourced from premium local manufacturers.
- Design: Comprises aesthetically appealing and professionally curated furniture that attracts consumers with modern tastes.
MAKAN's unique positioning and innovative business model position it to disrupt the traditional furniture market, setting a new standard for furnishing living spaces in the Middle East.
Competitor Profiling for Company: MAKAN
Key Competitors
MAKAN's competitive landscape involves various industry verticals and regions, segmented as follows:
Top Competitors by Industry
1. Furniture Rental and Home Solutions:
- RentoMojo
- Wunderflats
- Rentchester
2. Real Estate and Property Listing Services:
- Allsopp & Allsopp Group
- Aqarmap.com
- Bayut.com
3. GIS and Geospatial Solutions:
- Airbus GeoTech
- Ofek
- Array Labs
- Satpalda
4. Academia and Education Platforms:
- upGrad
- Coursera
Regional Competitors
1. Middle East:
- HungerStation | هنقرستيشن (Food Delivery)
- Kai Sui Ramen (Restaurant Services)
2. Saudi Arabia:
- Makan Parking Solutions - A premier provider of turnkey parking services in Saudi Arabia.
Other Considerations
- Dining and Hospitality: Competitors include entities such as Punch Lane, Aagaman Restaurant, and Shiraaz at Ferntree Gully, indicating potential connections or considerations in the restaurant or hospitality sectors.
- Digital and Tech Space: Reference to tech stocks and large tech firms may suggest overlap or market interest in tech-driven solutions or products.
Key Insights
MAKAN operates in a diverse competitive environment encompassing sectors like furniture rental, real estate, GIS solutions, and education technology. This varied landscape indicates potential strategic interests across these domains. Key competitors like RentoMojo and Wunderflats signify a focus on flexible living solutions, while entities like Airbus GeoTech underscore interest in tech-driven spatial offerings. The presence of digital competitors such as upGrad points towards potential engagement in the e-learning space.
A deeper understanding of MAKAN’s competitive edge, whether through the pricing strategy comparison with RentoMojo or the spatial capabilities akin to Airbus GeoTech, can refine market strategies. The regional competition, especially concerning parking and real estate logistics, suggests niche-specific challenges and opportunities in the Middle East market, as demonstrated by entities like Saudi Arabia's parking solution provider.
