Dabchy has secured $300000 in a seed funding round led by 500 Startups and supported by Flat6Labs, Vision Ventures, Daal Venture Capital and other angel investors. The Tunis-based peer-to-peer (P2P) online fashion store will use the investment for product development and business expansion.
Dabchy is a Tunis-based startup that was founded in 2016. It is an online platform that enables users to sell both new and second-hand clothes at a lower cost online. People also trade accessories for both women and kids on the platform. There are now over 400000 users across Tunisia, Morocco, and Algeria who use the web and mobile app platforms to trade.
Dabchy operates as a trusted middleman between buyers and sellers. The mobile app has been downloaded over10000 times and facilitated thousands of transactions since inception. Speaking about the investment, the CEO, Ameni Mansouri said it will be used to expand the team, product development and to scale the platform.
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“Our ambition is to become the number one online fashion marketplace in the region. We aim to empower a new generation of women to start their online businesses and to become microentrepreneurs”, he added.
Dabchy was the first Tunisian and African startup to join the European Fashion Tech Incubator in Paris. It was also listed among the International Finance Corporation (IFC) and the World Economic Forum (WEF) first 100 top African and Arab promising startup in 2018.
The investment in Dabchy is 500 Startups’ first in the Tunisian market. The decision to invest was spurred by the demand for the product in North Africa, as demonstrated by Dabchy’s business tractions.