Fatura, a Cairo-based tech startup that connects wholesalers and manufacturers with retailers across different industries, has raised a US$3 million pre-Series A funding round co-led by Sawari Ventures and Arzan Venture Capital with participation from Egypt Ventures, EFG-EV, Cairo Angels, and Khwarizmi Ventures.
Launched in 2019 by Hossam Ali Ahmed Anwar and AbdAllah Mohebeldin, who were later joined by Ahmed Al Bakary, Fatura was established to meet the demand of FMCG retailers by providing a simple-to-use mobile application that allows them to access a network of carefully vetted wholesalers.
The startup which raised seed funding last year leverages the underutilized assets already owned by wholesalers and uses technology to resolve existing supply chain inefficiencies for all relevant stakeholders including retailers, wholesalers, and manufacturers.
There are currently over 500 sellers on the marketplace who have served 25,000 retailers through Fatura’s platform in 20 governorates across Egypt. More than 10,000 stock keeping units (SKUs) are exchanged on the business-to-business (B2B) platform, which has already crossed 1 billion Egyptian pounds (about $64 million) in yearly gross merchandise value (GMV).
With funds secured, Fatura will offer new services, roll out multiple digitization initiatives with a focus on digital payments and expand to other countries in the region.
“There is a great opportunity in the B2B space in Egypt, that is growing as the players are becoming digitally mature and ready. 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,” Hossam Ali, Fatura’s CEO, said in a statement.
Fatura has built a strong foundation and infrastructure that enables it to monetize its data and services. The startup’s future plans include new services that support the many actors in the ecosystem such as manufacturers, wholesalers and retailers as well as diverse digitization projects with a focus on digital payments and regional expansion into new markets.
“Fatura’s existing infrastructure has enabled them to expand their offerings to new customers,” Said Hany Al-Sonbaty, Managing Partners at Sawari Ventures, adding that, “the team has demonstrated that they have the vision to identify new opportunities and the prowess and agility to implement and deliver. We are excited to become part of their journey.”