Egypt-based Business to Business (B2B) ecommerce marketplace Fatura has raised seven-figure (USD) in a seed round. This round of funding was led by Egyptian fintech-focused VC Disruptech. Both Fatura and Disruptech have declined to mention the exact figure raised. Local investors like EFG EV & Cairo Angels also joined in financing this round.
Fatura was started in 2019 by Hossam Ali, Ahmed Anwar, AbdAllah Moheb El-Din, and (later joined by) Ahmed Al Bakary. The ecommerce platform provides a place where wholesalers in the Fast Moving Consumer Goods (FMCG) with retailers through a mobile application.
Fatura does not store inventory of products nor does it delivers the orders. It aim is to get the orders to existing wholesalers and have them ship these orders using their own systems.
Hossam Ali, the co-founder and CEO of Fatura, who comes on board with rich experience as he was a Management Consultant with Mckinsey explained , “Egypt has more than 5,000 wholesalers, investing heavily to build another one will not solve the existing inefficiencies at scale. This capital-intensive approach never made sense to us in light of the Egyptian market’s realities. Alternatively, we are on a mission to curate a network of 200-250 wholesalers across the country, digitally transform the way they work and enable them to collectively lead the FMCG distribution business nationally.”
Ahmed AlBakary, Fatura’s co-founder who also has extensive experience within the FMCG space also said , “I have worked in the FMCG industry for more than 25 years in several markets, the challenge manufacturers face in markets where the wholesale channel represents more than 50% of the ACV distribution, is how to ensure excellence of execution. It was never easy to know how our products move across different layers of wholesale, at what cost and at what condition. Fatura is stepping up to regulate this chaos, which will improve efficiencies, turnover, and profitability for FMCG players.”
“We are excited to lead Fatura’s investment round and we firmly believe in the opportunity that lies in the digitization of the wholesale-retail relationship. Disruptech sees Fatura playing an essential role to transform the market and we are committed to helping Fatura achieve its mission” Mohamed Okasha, the founding partner of Disruptech also added.