Home NEWS Fatura, Egyptian B2B e-commerce startup raises $3 million in a pre-series A...

Fatura, Egyptian B2B e-commerce startup raises $3 million in a pre-series A round

102
0

Egyptian B2B e-commerce startup, Fatura announced that it has secured $3 million in a pre-series A round.

The funding round was co-led by Sawari Ventures and Arzan Venture Capital. Other participants in the funding round include Egypt Ventures, EFG-EV, Cairo Angels, and Khwarizmi Ventures.

Founded in 2020 by Hossam Ali, Ahmed Anwar, and AbdAllah Mohebeldin, and Ahmed Al Bakary — who joined the team later, Fatura is a platform that sells grocery inventories to Fast Moving Consumer Goods (FMCG) retailers via a mobile application. With a network that connects manufacturers with wholesalers, the startup can meet those inventory needs. On the app, sellers can manage their pricing lists, manage stocks, and receive orders.

The company currently has over 500 sellers on the marketplace including wholesalers, distributors, and manufacturers who have served 25,000 retailers through Fatura’s platform in 20 governorates across Egypt.

See also  Elon Musk's Starlink on track to deliver internet service to the world in August |

This new funding round will enable the startup to expand to more cities in the Middle East and North Africa, offer new services and multiple digitization initiatives with a focus on digital lending. The startup previously raised an undisclosed amount of money in a seed round in July 2020.

What they are saying

Hany Al-Sonbaty, the Managing Partner at Sawari Ventures, said, “Fatura’s existing infrastructure has enabled them to expand their offerings to new customers. The team has demonstrated that they have the vision to identify new opportunities and the prowess and agility to implement and deliver. We are excited to become part of their journey.”

Hasan J. Zainal, the Managing Partner at Arzan Venture Capital, said: “Being part of Fatura’s success story is exciting for us. The FMCG industry is in need of Fatura’s product, which will solve many challenges faced by small retailers. Also, its fintech angle complements the core product and enables retailers to scale their business further with less working capital constraints.”

See also  Their flights were canceled and they spent 24 hours falling in love

Hossam Ali, the co-founder, and CEO of Fatura said: “There is a great opportunity in the B2B space in Egypt, that is growing as the players are becoming digitally mature and ready. Collectively, the digital B2B players in the FMCG space capture less than 5% of the market, and there is a long way to go. Our conviction is to stay asset-light, be inclusive to all the industry stakeholders, and to attract the best-on-ground acquisition force across the country.”

Previous articleWorld Bank blames CBN for Nigeria’s FX crisis
Next articleSam Bankman-Fried, the 29-year-old billionaire behind crypto exchange, FTX

LEAVE A REPLY

Please enter your comment!
Please enter your name here