$2.7 M Pre-Series B bridge funding raised by Egyptian e-commerce startup ExpandCart
ExpandCart, an Egyptian e-commerce business, has raised US $2.7 million in a pre-Series B bridge round of funding to help it expand.
Amr Shawqy, Sameh Nabil, and Yasser Seleem launched the company in 2013. After selling their online electronics store to a local retailer, the three had several requests from other merchants to construct online stores for them, which led to the founding of ExpandCart in 2016.
ExpandCart provides complete e-commerce solutions to assist merchants and retailers to create their online stores and boosting their sales. It is now utilised by over 25,000 merchants in over 40 countries.
An integrated cloud point-of-sale system, as well as a feature-rich and configurable platform for developing online storefronts, are part of the startup’s omnichannel selling solution.
“We realised the need for a platform like ExpandCart that can help merchants and retailers build their online store by themselves without the need for any technical assistance,” Shawqy, now the startup’s chief executive officer (CEO), told as per reports.
ExpandCart showed excellent growth during COVID-19 lockdowns and beyond after receiving a US $2.5 million Series A fundraising round, and has recently obtained US $2.7 million in pre-Series A bridge capital. Betatron Venture Group, located in Hong Kong, is leading the round, with previous investors Sawari Ventures and Agility Ventures joining in.
The new amount of investment will help ExpandCart expand in existing markets while focusing on R&D, technological development, and new product development in order to empower one million merchants across the MENA area over the next three years.
It is also planning to begin a new fundraising round, which will be devoted to new market expansion and the development of a full ecosystem of commerce goods and solutions that will assist the firm in acquiring new areas of the market.
“E-commerce growth has been impressive in the Middle East, and we are proud to be one of the leading players to help millions of businesses go online. With this round, we are committed to being more customer-centric than ever, to build top-class operations, and we will continue to focus on creating the most comprehensive suite of products to help our merchants succeed,” Shawqy said.
Betatron Venture Group managing partner Matthias Knobloch stated his business has been working with ExpandCart since January 2019 and was a member of the company’s pre-Series A funding round.
“We’re incredibly excited about the prospect of the e-commerce market in the region and believe ExpandCart will be at the forefront of driving its growth. The Pre-Series B round will allow the company to further accelerate its business development and set the stage for a larger Series B in 2022,” he said.
