Cairo-based startup Fincart.io has successfully closed an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
Founded in 2023 by Mostafa Elmasry and Nihal Ali, Fincart.io addresses the challenges faced by small and medium-sized e-commerce businesses (SMBs) in Africa and the Middle East. The platform streamlines shipping operations by offering access to a marketplace of delivery providers and providing an overview of their operations.
The newly secured funds will be used to improve Fincart.io’s technology platform, expand its courier network, and support the fast-growing e-commerce market in Africa and the Middle East.
Co-founder and CEO Mostafa Elmasry expressed enthusiasm about the investment, stating, “We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region.” He emphasized that closing this round is a milestone achievement that underscores the immense potential of their market and the confidence investors have placed in their vision and strategic approach to redefine e-commerce logistics in the region.
Hasan Haider, Founder and Managing Partner of Plus VC commented on the investment, saying, “We are proud to back Mostafa, Nihal, and the team as they tackle one of the most critical challenges in e-commerce logistics. Fincart.io’s innovative platform empowers SMBs to overcome logistical barriers and scale seamlessly. With exponential growth and a deep understanding of the market, Fincart.io is well-positioned to become the pioneer in this field and an indispensable partner for SMBs across the region.”
With the e-commerce market in Africa and the Middle East projected to reach $75 billion by 2028, spread across over 4 million small and medium-sized online sellers, Fincart.io is poised to address a critical need for efficient and integrated shipping solutions. By unifying the largest network of shipping partners into a single platform, Fincart.io empowers sellers with unparalleled convenience and scalability.
As Fincart.io accelerates its mission to redefine e-commerce logistics, the company remains focused on empowering merchants with the tools they need to scale effortlessly in an ever-growing market.
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Nowlun, an Egyptian logistics startup, has raised $1.7 million in seed funding
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