Sharwa, an Egyptian social commerce platform, has completed a $2 million pre-seed funding round.
Nuwa Capital and Hambro Perks Oryx Fund co-led the round, while a number of key angel investors also participated.
Alaa Shalaby, Hassan Elshourbagi, and Mohamed Hanafy founded Sharwa Sharwa in 2022 with the goal of bridging the gap between Egypt’s high social media usage and the limited adoption of e-commerce. Through its app, it enables clients to get the goods and appliances they need for their homes at inexpensive prices.
“The experience we hope to give is analogous to going to a hypermarket with family; one person is pulling around the same cart and everyone is allowed to throw stuff in,” said Alaa Shalaby, Chief Executive Officer. All of your profit from the low prices that are unlocked in our model. Our consumers embrace our service as a tool to assist them battle inflation.”
The Pre-SEED funding will be used to grow the team and continue to build the technological platform.
Sharwa plans to cover all of Egypt within 12 months because of its aggressive expansion strategy.
Read more on Tech Gist Africa: