Kenzz, an e-commerce online shopping solution, raises $3.5m in a seed funding round led by Outliers Venture Capital. The round also witnessed participation from investors: HOF Capital, Foundation Ventures, and Samurai Incubate.
Kenzz will use the raised funds to recruit talent, grow its product categories, invest in technology and launch its new app.
The startup was founded this year by Ahmed Atef, Mahmoud AlSilk, and Moataz Sami, to provide a leading, reliable e-commerce solution to the masses across Egypt and MENA. Kenzz aims to digitize the offline experience and make it sociable for users across all customer touchpoints and providing discounts of up to 65%.
“We are delighted to complete this seed fundraise, and we thank all our investors for their support. The time is ripe to fully optimize eCommerce in Egypt and MENA. We have designed Kenzz to appeal specifically to people not yet convinced that eCommerce is a practical and mainstream mode of shopping. We are revolutionizing the shopping experience to deliver relevancy, convenience, trust, and value, and look forward to the future with great confidence,” Ahmed Atef, Chief Executive Officer of Kenzz, said.
Kenzz’s business model involves sourcing products directly from manufacturers and importers and offering consumers deeper discounts when they buy with their friends and family.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.