Mazaya, an Egyptian startup that specializes in B2B e-commerce, has raised a US$5 million pre-seed funding round to expand its business in Egypt and expand into new markets and sectors.
Mazaya, a company that was founded in December 2021, gives retailers and merchants of electronic products and home appliances more leverage by allowing them to quickly and effectively buy inventory for their stores through its app. They can also obtain value-added services thanks to it.
Since its founding, the firm has completed 30,000 orders, collaborated with over 6,000 retailers, and generated a gross merchandise value of $15 million USD. Currently, the platform offers more than 1,000 SKUs.
Raya Trade & Distribution took the lead in the pre-seed investment round.
“While enabling all retailers and merchants, we are humbled and eager to keep revolutionizing the electronics distribution business and value chain. We are also overjoyed to have strategic investors like Raya who have a wealth of knowledge in logistics, distribution, and retail of electronics. We will be able to fast scale our business and enter new markets outside of Egypt thanks to the monies raised. Before the end of the year, we intend to begin offering our services in Nigeria, according to Mazaya co-founder and head of operations Amir Aboul Fotouh.
Additionally, Mazaya intends to provide its retailers with financial services and support to help them expand their businesses by providing a range of credit facilities and flexible payment terms based on their payment history, as well as by making it simple for them to manage their finances by providing collection and payment services.
The funding will be utilized to scale operations both domestically and abroad.
Read more on Tech Gist Africa: