Egyptian B2B e-commerce startup, Capiter raises $33m Series A round for international expansion
Egypt-based B2B e-commerce startup Capiter has raised a $33 Million Series A funding round to power its rapid expansion into digital financial services and additional markets.
The investment was co-led by fintech-focused venture firm, Quona Capital and MSA Capital, an independent and interdisciplinary investment company. Other participating investors include Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
Capiter was launched in July 2020 by serial entrepreneurs Mahmoud Nouh (co-founder of mobility startup Swvl) and Ahmed Nouh. The startup is a B2B marketplace that brings together manufacturers, brands, FMCGs, wholesalers, and retailers on one platform, enabling merchants to order their products through an e-commerce checkout and receive credit on their purchases.
The startup provides small and medium enterprises (SMEs) with a single platform that allows retailers to order a wide range of inventory, obtain delivery, and access financing. Currently, it is serving over 50,000 merchants and more than 200 sellers.
This latest investment comes as Capiter ramps up its efforts to expand its service across Egypt and the region within 2022.
“As a homegrown startup, we are proud to have built such a sophisticated solution in such a short amount of time,” said Mahmoud Nouh, Capiter’s co-founder and chief executive officer (CEO). “Our entire application can be easily customized to each buyer’s needs, providing profitable insights into locations, walk-in rates, best product types, sales volume, and more. All of this adds up to a machine-as-learning model that can actually help the merchant know which inventory items to purchase next. Combined with our value in providing merchants with access to financing through our local bank partnerships, we’ve created an economy-changing solution.”
Capiter represents Quona Capital’s first investment in Egypt, and according to Monica Brand Engel, co-founder and managing partner at Quona Capital “Capiter’s embedded finance model, combined with its expertise and strong user engagement, can have a dramatic impact on the financial lives of SMEs, helping them optimize their income which helps communities to thrive.”
“Quona’s investment in Capiter builds on our existing B2B e-commerce portfolio and growing presence in MENA. We look forward to helping Capiter on its journey to revolutionize the retail landscape in the region and provide a model for peers globally while increasing services for the underbanked.”