Back to the complete issue
Tuesday, 19 October 2021

Cairo logistics startup Illa closes seven-figure round

Cairo-based FMCG logistics startup Illa has closed a seven-figure USD investment round led by Saudi’s Watheeq Financial Services and Africa-focused Golden Palm Investments, according to an emailed statement (pdf). Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, OQAL Angel Network and Flat6Labs Cairo also participated in the round.

Further expansion is on the cards for Illa’s B2B logistics tech: The investment will go towards growing Illa’s business in Egypt and developing the company’s web platform, which aims to connect drivers with FMCG brands to streamline warehouse-to-storefront delivery.

The round marks the third time Flat6Labs Cairo has backed Illa: In November 2020, Illa raised a USD six-figure seed round from Averroes Venture Capital, AUC Angels and other investors including Flat6Labs. The startup launched out of the Cairo accelerator’s Spring cycle in 2019.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.