Capiter, an Egyptian B2B e-commerce startup that connects manufacturers, brands, wholesalers, and retailers on a single platform, has raised a US$33 million Series A funding round to support its rapid expansion into digital financial services and new markets.
Capiter is a B2B marketplace that brings together FMCGs, wholesalers, and merchants on one platform, allowing merchants to order their products through an e-commerce checkout and receive credit on their purchases. It was launched in July 2020 by serial entrepreneurs Mahmoud Nouh – also co-founder of mobility startup Swvl – and Ahmed Nouh.
The startup offers a single platform for small and medium businesses (SMEs) to acquire a wide range of products, get delivery, and obtain finance. It currently serves more than 50,000 retailers and 200 sellers.
After collecting a US$33 million Series A funding round led by fintech-focused venture firm Quona Capital and MSA, an independent and interdisciplinary investment firm, Capiter plans to provide more digital financial services and expand into global markets. Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures are among the other investors in the round.
Capiter co-founder and CEO Mahmoud Nouh said, “As a domestic firm, we are happy to have produced such a comprehensive product in such a short length of time” (CEO). “Our entire application can be readily customized to meet the demands of each customer, delivering valuable information about locations, walk-in rates, best product categories, sales volume, and more. All of this adds up to a machine-learning model that can actually assist a retailer in determining which inventory products to buy next. We’ve established an economy-changing solution by combining our value in giving retailers access to funding through our local bank partnerships.”
Monica Brand Engel, co-founder and managing partner at Quona Capital, said, “Capiter’s embedded finance approach, along with its knowledge and high user engagement, may have a huge influence on the financial lives of SMEs, helping them optimize their revenue, which helps communities prosper.”
“Quona’s investment in Capiter complements our existing B2B e-commerce portfolio and expanding presence in the Middle East and North Africa. We look forward to assisting Capiter on its mission to transform the retail sector in the region and serve as a model for peers around the world while expanding services for the underbanked.”
Capiter is doubling down on its attempts to spread its service across Egypt and the region by 2022.
Read more on Tech Gist Africa:
MNT-Halan, an Egyptian fintech, has raised $120 million in funding