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.