Egyptian E-Commerce Startup Capiter Expands to Dubai
Cairo-based B2B e-commerce startup Capiter has announced the opening of its new office in Dubai, UAE.
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 which announced a $33M Series A funding round in September to power its rapid expansion into digital financial services and additional markets has now taken its first step of expansion into the Arab market.
Mahmoud Nouh, founder and CEO of Capiter commented on the expansion said that it will positively impact the startup’s global presence and provide opportunities for employees.
“Capitalizing on our proven successful model developed and refined in Egypt, which is one of the largest retail markets in the region, Capiter is embarking on its regional and international expansion plans starting with the Dubai office. The new opening will positively impact the company’s position and presence in the startup ecosystem both regionally and globally, providing our employees with the opportunity to work and interact with different markets and attract strong investments and new financing.
“Our plans for regional expansion go in parallel with our local growth perspective as we gear up to open a new office in Cairo soon. Our teams will be fully on board across all offices to ensure smooth operations for all our stakeholders,” Mahmoud added.
According to the CEO of the Information Technology Industry Development Agency (ITIDA), Egyptian start-ups have attracted investments valued at $400 million during 2021, reflecting investors’ increasing confidence in Egyptian entrepreneurs and their technological innovations. Egypt has been witnessing unprecedented growth in fintech solutions in line with the nationwide strategy to transform Egypt into a digital society.
CEO of the Information Technology Industry Development Agency (ITIDA) also said “Egyptian start-ups have attracted investments valued at $400 million during 2021, reflecting investors’ increasing confidence in Egyptian entrepreneurs and their technological innovations. Egypt has been witnessing unprecedented growth in fintech solutions in line with the nation-wide strategy to transform Egypt into a digital society”.