Egyptian based start-up, Mowarrid has announced raising investment round of $2.3m from regional and international investors.
Mowarrid is an online platform that connects supermarkets with their suppliers. Through the start-up’s mobile app, supermarket owners are provided with an easy and convenient means of directly placing orders for goods for their supermarkets from FMCG companies.
Ahmed Essam, Founder and CEO of Mowarrid, revealed to WeeTracker that the closing of the financing round is the culmination of negotiations that have been in progress since early this year. “We are using the funds to expand our development and sales teams, as well as accelerate retailers’ acquisition,” the CEO further stated.
Ahmed also that Mowarrid started as an idea since 2015. However, the company was formally established in 2017, and it has been growing and developing ever since. On the backs of securing the latest investment, the company appears to be on course in its bid to further scale its operations by expanding its development and sales teams. The funding is also expected to go some way towards expanding the scope of the start-up’s acquisition of retailers.
More Tech Stories:
- AUC Venture Lab Partners Temenos to Provide Sandbox for Egyptian Fintech Start-ups
- Zone Tech Park unveils in Lagos, invests $6.5million in supporting startups
- African Startups Can Now Apply to Participate and Pitch at Finnovation Event in Ethiopia
- Kenyan Government is Working Towards Setting Up Tech Incubation Hub
- Hubs dot Ng Launches AI Assistant, Emily