Egypt-based Cloud-based e-commerce enablement platform ExpandCart has raised US$2.5 million in a Series A round of funding .
The round of financing was led by Egyptian VC Sawari Ventures with participation from Agility Ventures (the corporate VC arm of logistics firm Agility), and Graphene Ventures some angel investors.
Launched in 2013 by Amr Shawqy and Sameh Nabil, the startup enables individuals and businesses to build online stores in Arabic and/or English on their platform. The startup also offers an integrated point-of-sale system for retailers to make it easy for them to manage their omnichannel presence. ExpandCart’s solutions come with branded mobile apps for merchants.
Amr Shawqy, the co-founder and CEO of ExpandCart, in a statement, said, “We believe that technology can empower commerce and with that vision in mind, we have built solutions to help merchants expand their sales online and offline. This new round of funding will help us work on our ambitious roadmap of new innovative eCommerce solutions that we will be rolling out to supercharge ecommerce growth in the Middle East.”
Ahmed Alfi, the Chairman of Sawari Ventures, said, “Over the past years, the ExpandCart team was able to build an amazing platform supporting thousands of merchants from all over the Middle East. Their new ecommerce solutions roadmap proves that they truly understand the future of eCommerce, and we are excited to be part of their journey.”
Fahad Al Shatti, the Vice President of Corporate Venture Capital at Agility, said, “Since our previous funding round in 2019 with ExpandCart, we have been working with them as a strategic partner in the region, their amazing highly-integrated product along with their impressive growth proves they are the only platform positioned to lead the Middle Eastern market. This is why we were eager to join this round with a follow-on funding.”