Egyptian mass e-commerce firm Kenzz has acquired US $3.5 million in early capital to support its efforts to hire more employees, expand its product line, and make technical investments.
Kenzz is a mass e-commerce solution that delivers dependable online shopping to the mass market in Egypt, the Middle East, and Africa. It was founded this year by Ahmed Atef, Mahmoud AlSilk, and Moataz Sami.
With savings of up to 65 percent, the startup’s customer-centric platform seeks to digitise the offline experience, making it interesting, enjoyable, and social for consumers – across all customer touchpoints.
Outliers Venture Capital, a venture capital fund that supports early-stage outlier entrepreneurs in the US and MENA, HOF Capital, a worldwide technology investment firm, Foundation Ventures, Samurai Incubate, and other investors, including angels, are leading the US $3.5 million seed round.
The funds will be used to continue hiring top people, expand product categories and put together a wide range of goods to cater to the preferences and tastes of many customer segments, invest in technology, and soon release its new app.
“We are delighted to complete this seed fund raise, and we thank all our investors for their support. The time is ripe to fully optimise e-commerce in Egypt and MENA. We have designed Kenzz to appeal specifically to people not yet convinced that e-commerce is a practical and mainstream mode of shopping. We are revolutionising the shopping experience to deliver relevancy, convenience, trust, and value, and look forward to the future with great confidence,” Atef said.
Partner at Outliers Venture Capital Sarah AlSaleh claimed that Kenzz was resolving two significant problems that existing e-commerce incumbents were ignoring: inexpensive and dependable last-mile logistics and an unwavering consumer trust ethos.
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