Egyptian B2B E-Commerce Marketplace Mazaya Raises $5 Million Pre-Seed
The new investments will be used to expand the startup’s operations in Egypt and enter new markets, like Nigeria, before the end of the year.
Mazaya, a B2B e-commerce marketplace, has closed a $5 million pre-seed round led by Raya Trade and Distribution, a subsidiary of Raya Holding for Financial Investments.
Founded in Egypt in 2021 by Amir Aboul Fotouh, Mazaya enables merchants and retailers of electronic goods and home appliances to procure inventory for their stores through their app while offering e-payment, BNPL, and POS financing solutions. Since their launch in 2021, Mazaya has worked with over 6,000 retailers and fulfilled 30,000 orders, achieving a gross merchandise value of $15 million.
“We are humbled and excited to continue transforming the electronics distribution business and value chain while empowering all retailers and merchants,” Amir Aboul Fotouh, Mazaya Co-Founder & Head of operations at Mazaya, tells StartupScene. “We are also thrilled to have strategic investors with extensive experience in electronics retail, distribution, and logistics, such as Raya.”
The new investments will be used to expand the startup’s operations in Egypt and enter new markets, like Nigeria, before the end of the year.
Investments in e-commerce startups have witnessed exponential growth this year. In H1 2022, investments across the MEAPT region raised $501 million, with a YOY growth of 89% compared to the same period last year, according to data platform Magnitt. Some of the lion’s share of funding in Egyptian e-commerce startups went to Cartona, raising $12 million; and Mylerz, raising $9.6 million.
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