Fatura, an Egyptian ecommerce B2B marketplace, has raised $3 million pre-series A funding.
The round was co-led by Sawari Ventures and Arzan VC, with the participation of Egypt Ventures, EFG-EV, The Cairo Angels as well as Khwarizmi Ventures.
Fatura is a mobile application that connects wholesalers & manufacturers with retailers in different industries. The startup has been operating in the FMCG industry and it is currently piloting in other industries.
Launched in the closing of 2019, this investment will enable Fatura to extend its services beyond e-commerce and digital lending to optimise the exchange of goods, money and information in the B2B context while focusing on convenience and the different users’ experience.
The company plans include new services that support the different players in its ecosystem including manufacturers, wholesalers and retailers, multiple digitisation initiatives with a focus on digital payments and regional expansion into new markets.
During the past year, the startup also extended its reach to more than 25,000 retailers and more than 500 wholesalers and manufacturers across 20 governorates, exchanging more than 10,000 SKUs. Fatura also cracked the surface of financial services by introducing digital lending with a focus on retail financing, aiming to add more services in that area in the near future.
“Fatura’s existing infrastructure has enabled them to expand their offerings to new customers,” commented Hany Al-Sonbaty, Managing Partners at Sawari Ventures, adding that, “the team has demonstrated that they have the vision to identify new opportunities and the prowess and agility to implement and deliver. We are excited to become part of their journey.”
Hossam Ali, Fatura’s CEO, commented on the news saying: “There is a great opportunity in the B2B space in Egypt, that is growing as the players are becoming digitally mature and ready. Collectively, the digital B2B players in the FMCG space capture less than five per cent of the market and there is a long way to go. Our conviction is to stay asset-light, be inclusive to all the industry stakeholders and to attract the best on-ground acquisition force across the country.”
“Being part of Fatura’s success story is exciting for us. The FMCG industry is in need of Fatura’s product, which will solve many challenges faced by small retailers. Also, its fintech angle complements the core product and enables retailers to scale their business further with less working capital constraints,” Hasan J. Zainal, Managing Partner of Arzan Venture Capital
