Egyptian Digital Logistics Startup ,Khazenly, Raises $2.5 Million in Seed Funding
Khazenly, an on-demand digital storage and fulfilment platform with a base in Cairo, announces the completion of a $2.5 million seed round.
Leading regional venture capital firms Arzan Venture Capital, which specialised in cutting-edge, early-stage entrepreneurs, and Shorooq Partners, which concentrated on seed-stage tech investing across MENAP, jointly led the funding round. Fintech-focused funds Camel Ventures, Averroes Ventures, and numerous angel investors were among the other investors.
Khazenly will expand its facilities and enhance its products and services with the money raised. Khazenly will support the geographic expansion as long as its high growth trajectory continues in 2022. Khazenly is influencing the direction of e-Commerce in Egypt. It was founded in the middle of 2021 by Mohamed Younes (CEO), Osama Aljammali (CCO), Mohamed Montasser (CXO), and Ahmed Dewidar (CTO). The company’s practical, inexpensive, open, and omnichannel solution aids merchants in expanding their operations and accelerating the digitalization of their fulfilment procedures.
Khazenly’s fully-digitized platform provides a one-stop-shop solution for the whole spectrum of fulfilment services, from warehousing to cross-docking, transportation, delivery, and payment collection services. It does this through its straightforward and transparent subscription-based packages. Due to its end-to-end platform, retailers and e-Commerce business owners can digitally optimise their fulfilment operations while selling through a variety of channels, including marketplaces, cross-border sales, retail shops, online sales (B2C), and retail stores (B2B).
Co-founder and CEO Mohamed Younes made the following comment:
“At Khazenly, we help merchants grow and scale with our streamlined, technology-driven platform, high-caliber, experienced workforce, and network of market-leading partners. I’m excited to share that our seed fundraising round was successful, allowing us to expand on our achievements and establish Khazenly as a regional leader in fulfilment and logistics as we help to shape the development of e-commerce in Egypt and beyond.
We are poised to experience significant client growth in Egypt as a result of our ongoing commitment to innovation. We are pleased to welcome Arzan Venture Capital and Shorooq Partners as our lead investors. We look forward to working with them and all of our other investors during this exciting period. We are delighted about the near future and extremely proud of our past accomplishments.
One of the key economic drivers in Egypt is e-commerce, which is projected to rise by 30% in 2022 as a result of an increase in younger consumers and rising incomes. In 2022, it is predicted that Egypt’s formal e-commerce business will be worth 140 billion EGP ($7.5 billion).