Egypt-based delivery startup ILLA has announced it secured US$500,000 in a seed financing round. The fund were from Averroes Venture Capital, AUC Angels, and some angel investors.
The round also includes follow-on funding from Flat6Labs Cairo. Illa was part of Flat6Labs Cairo’s Spring 2019 cycle.
ILLA was launched in 2019 through the Flat6Labs Cairo accelerator. The startup offers a logistics solution to corporates as well as SMEs working in the fast-moving consumer goods (FMCG) sector, hypermarkets, hotels, F&B chains and any other companies that need delivery services
The Cairo-based startup has expanded to now operates within 24 governorates in Egypt and claims has accomplished more than 7 million delivery so far.
“We at Averroes are always on the quest of backing up exceptional startups and we have established this earlier in the logistics technology domain. We believe in ILLA’s vision in providing high quality customised distribution solutions and in the value of its offering in serving FMCGs in an innovative and effective manner. ILLA’s exceptional team of diversified backgrounds are surely capable and well equipped in becoming a key player in the future of the logistics technology industry,” said Ahmed Alsharif, founding partner and CEO of Averroes Ventures.
“The ailing logistics and delivery sector is at a turning point, with ILLA well-positioned due to their solid team, unique market know-how, and the strength of their solution. We are really pleased to support their growth and be a part of this round,” said Mariam Kamel, manager at AUC Angels.