Fatura raised a USD seven-figure Seed investment, the round was led by Disruptech with the participation of Cairo Angels and EFG EV Fintech Fund.
Hossam Ali, Ahmed Anwar & Abdullah Mohsen founded Fatura in December 2019. Fatura is a B2B FMCG E-commerce provider that connects wholesalers and traditional retailers within the Egyptian Market Place.
The Cairo Angels, EFG EV Fintech Fund and Disruptech have all invested in this seed round, led by Mohamed Okasha’s fund Disruptech. This marks the first investment for Fatura. The Company is now well-capitalized to grab a significant stake in this fast-growing and exciting sector.
The company is digitizing the relationship between wholesalers and traditional retailers. The co-founders saw that they could fill the gap in the traditional supply market through their tech portal. The user-friendly app allows traditional retailers a transparent and credible platform to sift through multiple product choices and choose the ones that are best for them. There are over 300,000 traditional retailers in Egypt which come in the form of kiosks and mini supermarkets and consist of 80% of the market. Hossam Ali, Fatura co-founder told WAYA that traditional retailers can rely on Fatura’s easy to use tech to get their daily stock of merchandise and keep up with live market prices. Additionally, the startup gives retailers the option to pay in installments.
Currently, the startup is operating solely in Cairo. However, it plans on using the new investment to expand throughout Egypt. In the longterm, it wants to expand beyond Egypt and into other countries in Africa, Ali told WAYA. In addition to national expansion, the company will also use the Seed funding to develop its tech. Ali explained that the company wants to delve into AI using the data that they amass from the wholesalers and retailers they work with.
Zeina Mandour, General Manager of the Cairo Angels, said: “We are very pleased to have closed this investment round and to have co-invested in this opportunity with other local investors. We are very confident in the Fatura team. We have no doubt that they will use this 7-figure investment to scale and provide their services throughout all of Egypt.”
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