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Tuesday, 18 January 2022

E-commerce platform ExpandCart raises USD 2.7 mn in a pre-series B bridge round

Egyptian e-commerce platform ExpandCart raised USD 2.7 mn in a pre-series B bridge funding round led by East Asian accelerator Betatron, with follow-on investments from Sawari Ventures and Kuwait’s Agility Ventures, according to an emailed statement (pdf). The new funding round will be used to fuel growth in ExpandCart’s current markets (Egypt, KSA, UAE, and Kuwait), maximize research and development, and build new products to help the startup reach its target of netting 1 mn merchants on its platform within the next three years, up from a current 25k.

About the company: Founded in 2013, it’s an e-commerce platform that allows merchants to create and manage online shops, streamlining their marketing, sales, store management and website design. The platform was the only African startup to be accepted into Betatron’s accelerator program in 2019, scoring an investment of USD 150k, before raising USD 2.5 mn in a series A round in 2020.

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