After completing an undisclosed pre-Series B fundraising round, Egyptian e-commerce delivery solutions business Bosta has announced its expansion to Saudi Arabia.
Bosta is a full-stack delivery solution for e-commerce enterprises, founded in 2017 by Mohamed Ezzat and Ahmed Gaber. Its service streamlines operations and gives clients complete control over the delivery process.
Bosta has delivered over 10 million shipments thus far, and the company announced earlier this year that it had acquired a US $6.7 million Series A round of funding, which it claimed will be used to expand to Saudi Arabia and the United Arab Emirates (UAE) by the end of 2022. After opening its first office in Riyadh, Bosta has completed the first phase of its expansion.
Bosta announced the expansion as part of a pre-Series B investment round headed by Khwarizmi Ventures, which included other current investors as well as Hassan Allam Holding.
Ezzat said the company was excited to debut Bosta in Riyadh, adding that the move would allow the firm to considerably expand its operations in a key market.
“The launch of our office in Saudi Arabia is part of Bosta’s expansion plans across the Middle East this year, which will be followed by another launch in the region by the end of this year,” he said.
“Our office in Riyadh is Bosta’s first venture in the Arab region, continuing our success that started in Egypt in 2017 that managed to deliver 10 million shipments since our introduction in the market.”
Khwarizmi Ventures managing partner Abdulaziz Al-Turki said his business saw the issues and opportunities in the delivery and logistics sector, which Bosta’s tech-first attitude could address.
“Being a focal area with a large economy and high e-commerce activity, the Saudi freight and logistics market’s attractiveness is gaining the attention of startups and investors. After its immense success since inception in Egypt, we are excited to witness and support Bosta’s accelerated growth as it kicks off its operations in the Kingdom,” he said.