Egyptian B2B marketplace Fatura has raised $3 million in a Pre-Series A round led by Sawari Ventures. Significant contributions came from Arzan VC, EFG-EV, Egypt Ventures, Khawarizmi Ventures, and The Cairo Angels.
Launched in 2019, Fatura has already surpassed the 1 Billion EGP yearly GMV milestone. That too only in the FMCG sector.
For those out of the loop, Fatura offers a mobile app that enables manufacturers and wholesalers to directly connect with retailers. While the app is industry-agnostic, Fatura has so far only focused on the FMCG sector. However, the startup has confirmed that it is now preparing to aggressively push into other industries as well.
Fatura claims that in 2020, its platform was used to reach out to more than 25,000 retailers across the country. All in all, more than 10,000 SKUs were exchanged. The company also has a financial dimension to it as it offers digital lending as a means for retail financing.
Following the closure of the successful Pre-Series A round, Hossam Ali, Fatura’s CEO, noted, “There is a great opportunity in the B2B space in Egypt, that is growing as the players are becoming digitally mature and ready.”
He added, “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.”
With the additional capital at its disposal, Fatura is likely to expedite its efforts to expand its platform beyond digital lending and e-commerce.
