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Nowlun, an Egyptian logistics startup, has secured US$1.7 million in seed funding to support its goals for expansion and expedite platform development.
Renowned angel investors and Sanabil 500 Global participated in the seed funding round, which was led by Nama Ventures and A15.
Nowlun is an online freight forwarding platform that was founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara. It enables users to compare various services and pricing that suit their requirements.
“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face,” said Moataz Khamis, CEO and co-founder of Nowlun. “Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier.”
According to Nama Ventures’ founder and managing partner Mohammed Alzubi, Nowlun is a “very interesting” venture.
“We were impressed by their deep domain expertise, strong traction in the Saudi market, and clear vision for disrupting the logistics space. We do not doubt that Nowlun has the right team to lead this transformation,” he said.
The funding will be utilized to support Nowlun’s growth objectives and accelerate the development of its platform, which provides real-time visibility into cargo movements, streamlined shipment management, and immediate, transparent, and competitive ocean freight prices.
Read more on Tech Gist Africa:
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
Amenli, an Egyptian insurtech startup, has raised $2.3 million in a funding round
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