Mylerz, last-mile delivery and fulfilment innovation startup, raised $9.6 million in a round led by Lorax Capital Partners. Fawry also participated in the round, to help bolster Mylerz’s cash collection services for its merchants.
Launched in 2019, the startup currently operates a fleet of over 350 eco-friendly vehicles and 21 local fulfilment hubs positioned across Egypt.
“We are excited to announce the close of our first funding round. Mylerz has proven that its technology and model can be successful in a city as complex as Cairo. We plan on taking our experiences from Egypt to begin operations in Tunisia, Algeria, and Morocco by Q3 2022. This regional footprint will allow our customers to benefit from connected trade corridors across markets, which is key for our wider strategy to position Mylerz as the leading logistics partner for e-commerce across Africa,” Mylerz Founder & CEO, Samer Gharaibeh, stated.
Mylerz will use the fund to scale and expand its operations in Egypt and North Africa. The startup will also use the investment to construct and open a brand-new AI-enabled, automated 25,000 sqm cross-docking fulfilment centre West of Cairo by Q4 2022, to augment its current 1,500 sqm fulfilment centre that began operations in Q3 2021.
“We are excited to partner with Samer and the team who have demonstrated their wealth of experience in rapidly growing Mylerz into a leader and innovator in the e-commerce logistics industry. Mylerz has leveraged its know-how and premium technology offering to address several problems associated with last-mile delivery in Egypt including complex routes, the prevalence of cash, and diverse merchants with diverse needs,” Ashraf Zaki, Managing Partner at Lorax Capital Partners, said.
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