Taager, an Egyptian social commerce startup, has secured a $6.4 million investment led 4DX Ventures.
Also participating in the round are Raed Ventures, Beco Capital, Breyer Capital and a number of other private investors including Careem’s co-founder Magnus Olsson are also backing the company.
This takes the total investment raised by Taager to $7 million.
The new funding will used to expand Taager’s rapidly growing operations and presence across Egypt and worldwide. The company also plans to scale and boost its technology and expand its talent pool.
Founded in 2019 by Mohamed Elhorishy, Ismail Omar, Abdelrahman Sherif, and Ahmed Ismail, Taager is a social e–commerce marketplace that provides online sellers and traders with a number of backend and integrated services, from operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products. The company uses latest technology including AI and data science to enable first time sellers to start and scale their online business.
It offers a transparent pricing structure and an enhanced product selection process, freeing online sellers to focus on running their business while Taager handles the end to end operations. The company’s Gross Merchandise Value (GMV) has grown at a rate of around 40% month-on-month since it launched.
Mohamed Elhorishy, co-founder and CEO at Taager, said: “Small and medium sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the MENA region.
“The pandemic has accelerated the growth of ecommerce rapidly and in a relatively short time span and has driven our platform to a market leading position. This was no easy feat in one of the toughest markets to operate in. We are excited to have some of the leading investors in the world back our vision as we look to scale and grow our platform across the region. We have world class talent in our team and we are looking forward to taking the business to new heights in the coming months.”
Peter Orth, Co-Founder and Managing Partner at 4DX Ventures, added: “The Taager team have achieved very impressive results incredibly quickly, and also built one of the most impressive teams in the ecosystem. Their focus on quality and execution, and a very unique approach to empowering ecommerce entrepreneurs is a dominant combination. We’re thrilled to partner with the team in the next phase of the company’s growth.“
Jim Breyer, Founder & CEO of Breyer Capital added: “Taager’s traction in the emerging social e-commerce space has been remarkable and we are excited to help the company maintain this impressive momentum as it scales the business beyond Egypt. The MENA region is one of the most exciting right now and we believe there’s a great opportunity for Taager to replicate its unique data-driven approach for further growth across the region.”
