Egypt's Startup Connecting Supermarkets To Suppliers Raises $2.3 Million
Mowarrid plans to use the investment to expand departments and fund the growth of retailer acquisition.
Egyptian startup Mowarrid has just scored $2.3 million, closing a financing round from a group of regional and international investors; a round that has witnessed negotiations since last January. Mowarrid is an online platform that connects supermarkets with their suppliers fast-moving consumer goods companies (FMCG).
"Through Mowarrid mobile app, supermarket owners are able to order goods for their supermarkets directly from FMCG Companies," CEO and Founder Ahmed Essam tells Startup Scene. "On the other side of the platform are the FMCG companies where they can see detailed reports about their orders and manage other various tools that the platform provides for FMCGs to maximise the benefits from this direct connection with its retailers."
Mowarrid has started as an idea since May 2015 and has been up and running ever since January 2017. With the investment, composed of five employees including the CEO, the startup will be expanding some business teams such as the Sales Team, and Development Team. The fund is also aiming at accelerating the growth of Mowarrid's retailer acquisition.
Main Image: Mowarrid's CEO and Founder, Ahmed Essam. Courtesy of Mowarrid.
