[Egypt] Social e-commerce startup Taager raises US$6.4 million seed round
Taager, an Egyptian social e-commerce startup, has raised a US$6.4 million seed funding round to help it scale its platform and expand across the Middle East.
This round was led by Pan-African focused VC 4DX Ventures with participation from Raed Ventures, Beco Capital, Breyer Capital and some private investors, including Magnus Olsson, co-founder of Careem.
This is also Breyer Capital’s first investment in the MENA region.
The startup which is on a mission to disrupt the online SME e-commerce sector was launched in 2019. This new seed round brings Taager’s total investment to more than $7 million since launching.
It provides online sellers and traders in Egypt with a complete suite of backend and integrated services.
These services include operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products, connecting sellers with wholesalers.
“Small and medium sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the MENA region,” said Mohamed Elhorishy, co-founder and chief executive officer (CEO) at Taager.
Elhorishy noted that the pandemic has accelerated the growth of e-commerce rapidly and in a relatively short time span and has driven Taager’s platform to a market-leading position.
‘’This was no easy feat in one of the toughest markets to operate in. We are excited to have some of the leading investors in the world back our vision as we look to scale and grow our platform across the region. We have world-class talent in our team and we are looking forward to taking the business to new heights in the coming months.” he added.
Taager plans to use its new capital to boost its fast-expanding operations and presence in Egypt and around the world.