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Fincart, based in Egypt, has raised an undisclosed amount of pre-seed funding to expand its courier network and enhance its technology platform; the platform helps small and medium-sized e-commerce businesses with shipping and unlocking working capital.
Plus VC led the startup’s undisclosed funding round, which also included participation from other regional investors and top regional and global investors like Plug and Play, Orbit Startups, and Jedar Capital.
Mostafa Elmasry and Nihal Ali founded Fincart in 2023 to address the unpredictable shipping issues that prevent e-commerce SMBs from thriving. Fincart streamlines process for online sellers, provides quick access to working capital, and offers cost-effective delivery options.
Fincart co-founder and CEO Mostafa Masry said, “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.”
“Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region,” Masry added.
Fincart will be able to develop its technology platform, expand its courier network, and better serve the rapidly expanding e-commerce market in Africa and the Middle East with the recently raised funds.
Read more on Tech Gist Africa:
Nowlun, an Egyptian logistics startup, has raised $1.7 million in seed funding
Sylndr, an Egyptian online auto retailer, has raised $7.45 million in funding
Ariika, an Egyptian eCommerce platform, has raised $3 million in a Series A extension round
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