ExpandCart, an Egyptian e-commerce startup, has raised US$2.7 million in pre-Series A financing. This will be used to help fuel its growth.
Yasser Selem, Sameh Nabil and Amr Shawqy founded the startup in 2013. They owned an online electronics store that they sold to a local retail outlet. After that, they received numerous requests from other retailers for an online store. ExpandCart was formed in 2016.
“We realized the need to have a platform like ExpandCart, that can help merchants or retailers build their online stores by themselves without any technical assistance,” Shawqy (now the startup’s chief operating officer (CEO) told Disrupt Africa.
ExpandCart is used by over 25,000 merchants from 40 countries. It offers comprehensive e-commerce solutions that enable retailers and merchants to create online shops and increase sales.
The startup’s omnichannel selling solution features a feature-rich, customisable platform to build online storesfronts, an integrated cloud-point-of-sale system that retailers can use, and a connected mobile app for merchants.
ExpandCart raised a US$2.5million Series A round . It saw strong growth during COVID-19 lockdowns, and beyond. Now, it has secured pre-Series A bridge funding of US$2.7million. With participation from Sawari Ventures, Agility Ventures, and existing investors in Hong Kong, Betatron Venture Group is leading the round.
ExpandCart’s new funding round will fuel growth in existing markets. The company will also focus on R&D, technology development, and new products. This funding will enable one million merchants to be available within the next three year period across the MENA region.
It is also preparing to launch a new financing round. This will be used to expand the market and develop a comprehensive commerce ecosystem that will allow the company to acquire new merchant segments.
“E-commerce has seen impressive growth in the Middle East. We are proud to have helped millions of businesses get online. Shawqy stated that this round demonstrates our commitment to being more customer-centric to ensure top-class operations. He also said that we will continue to work on developing the best products to support merchants.
Matthias Knobloch is the managing partner at Betatron Venture Group. He stated that his company had been working with ExpandCart since January 2019 and was part its pre-Series B investment round.
ExpandCart is excited about the potential e-commerce market for the region. We believe that ExpandCart will play a key role in driving its growth. He stated that the Pre-Series B round will enable the company to accelerate its business development, and set the stage in 2022 for a larger Series B.