Cairo-based e-Commerce fulfillment startup ShipBlu has announced it raised $2.4m in venture funding.
The funding was led by Nama Ventures, a MENA-focused venture capital firm. The likes of 1984 Ventures, Orange Ventures, Orange Telecom’s venture capital arm, Starling Ventures, and other VC firms and angel investors also participated in the funding.
ShipBlu was launched in 2020 by Ali Nasser, Abdelrahman Hosny, and Ahmed El Kawass. Ali, the CEO, has a background in investment banking, having previously worked at Citi in New York City.
Ali Nasser speaking on the funding said that Shipblu is transforming the traditional delivery system in Egypt.
“Roughly 56% of the time when someone in Egypt places an order online, they don’t even have a delivery date. After you place your order and you get an email confirmation, it’s complete silence until, on a random day, you’re going to get a call from the agent who’s on their way to you asking if you are available to pick up the package. We’re changing that,” said Ali.
Mohammed Alzubi, Managing Partner of Nama Ventures expressed excitement on the round while also speaking on the trust he has in the team.
“We are super proud to have ShipBlu be our first investment in Egypt.
“We have really enjoyed getting to know the founders and seeing their passion to disrupt the e-commerce shipping experience. The team is unparalleled to address this opportunity. We are witnessing first-hand what a well-rounded team with complementary skillsets can do in a very short time.
Riding with Ali, Ahmed, and Abdelrahman on the ShipBlu spaceship has already been exciting, but we can’t wait to see what the future holds together.”
The funding, according to the startup, would help it expand its service offering and coverage across Egypt.