Logistics startup Mylerz plans Egypt + Africa expansion after raising USD 9.6 mn in funding
Cairo-based logistics startup Mylerz has raised USD 9.6 mn in equity funding from private equity outfit Lorax Capital Partners, the startup announced in a press release (pdf). E-payments giant Fawry participated in the round and will also provide payments services for the company.
About Mylerz: Founded in 2019 by Samer Gharaibeh, the firm offers same-day, last-mile delivery for e-commerce merchants. Mylerz currently operates 21 fulfillment centers across the country and plans to open its largest fulfillment hub yet in West Cairo by 4Q 2022. The startup delivered 2 mn packages within two years of its launch.
The funding will go towards helping the firm expand across Egypt and enter new North African markets, as well as to develop its platform, Gharaibeh, also the company’s CEO, told Enterprise. Gharaibeh remains the largest shareholder in his company following the funding round.
Mylerz plans to expand to Algeria, Tunisia and Morocco “in three months’ time,” Gharabeih said. The company is also eyeing Libya, Sudan, and East Africa’s growing e-commerce markets for potential expansion next year, he added. Fawry will provide payment services to Mylerz in all of its new markets.
This isn’t Fawry’s first partnership with Gharaibeh: The e-payments giant in February partnered with Gharaibeh, tech solutions firm Softec, and Confida Ventures Managing Partner Ammar Zawaideh to set up courier delivery platform Roaderz. The crowdsourcing platform connects couriers and small delivery firms with e-commerce merchants, while allowing sellers to request couriers on demand or schedule their services in advance.