Talabeyah raises seven-figure pre-seed round, Sympl gets ink from Bloomberg
Cairo-based B2B e-commerce platform Talabeyah raised a seven-figure pre-seed round from angel investors, according to a statement. The investment will mainly be used to enhance its tech infrastructure and build its team. The round will help scale operations, further build the technology, grow the team and incorporate AI and machine learning algorithms, CFO Hamed Barakat said. The company aims to help small retailers buy and manage their inventory through a platform in light of Egypt’s fragmented supply chain industry.
Background: Talabeyah launched in January 2020 to provide next-day delivery to merchants and help them manage their inventory efficiently. So far, the gross merchandise value of the business has reached USD 6 mn with an initial investment of USD 180k, and generated an annual revenue worth 66x the amount of capital injected into the business, the statement reads.
IN OTHER STARTUP NEWS-
Tech startups in Egypt and Jordan will be able to prepare for cross-border expansion through a new accelerator program that UAE-based open innovation platform Fintech Galaxy is launching with GIZ, according to a statement. Over two months, startups in the Yalla Xtech accelerator program will be provided with coaches, regulatory guidance, and a chance to network. The accelerator is open to technology and tech-enabled startups that have a genuine or competitive product or service offering in their home market, and are ready to expand. Startups can apply here until this Thursday, 21 October.
Deferred-payment startup Sympl gets ink from Bloomberg: The company aims to eliminate pre-registration, vetting and underwriting by targeting Egypt’s 40 mn bankcard holders with short-term, no-interest payment plans at the point of purchase, CEO Mohamed Elfeky told Bloomberg. The outlet reported that the company is backed by an undisclosed sum from Middle East venture capital firm A15. Sympl is founded by former valU execs Mohamed Elfeky and yasmine Henna and ex-Capiter exec Karim Tawfik.