Despite being founded as recently as March 2021, the Alexandria based Kuzlo has already caught the eye of one of Saudi Arabia's most prolific pre-seed venture capital funds.
Egyptian B2B ecommerce startup, Kuzlo, has announced that it has raised an undisclosed fogtuire as part of its Pre-Seed funding round led by prolific Saudi pre-seed venture capital fund, Nama Ventures.
Based out of the northern town of Alexandria, Kuzlo was founded as recently as March 2021 and connects small FMCG retailers with wholesalers, providing them with a supply network using technology.
“Digitalisation is becoming the main driver for the transformation of many industrial sectors and the B2B marketplace in Egypt has just started its journey towards a digital future,” said Ayman Elgarem, one of four co-founders and the CEO. “Kuzlo is helping small retailers shift into the new future challenges and support them to strengthen their business value using new digital trends of e-commerce and e-finance in the near future.”
On the part of Nama Ventures, Kuzlo’s quick traction in such little time positions it perfectly to address these needs.
“Part of our investment thesis at Nama is to look for great teams that are disrupting traditional businesses leveraging technology,” said Mohammed Alzubi, founder and managing partner of Nama Ventures. “This had become most evident in the supply chain in the grocery space in Mena. Ayman, Mohammed Gebril, Bassem, and their great advisor Tarek are true examples of a complementary team with deep knowledge in the industry, technology expertise, and operational excellence to take a shot at this space in Alexandria. We have no doubt that this team is on to something special and we are honoured and privileged to be this sole pre-seed investor and backer.”
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