Egyptian e-commerce startup, Gahez, has announced it raised $2m in a pre-Seed funding round to boost its inward growth and accelerate expansion.
The pre-seed round was led by Disruptech Ventures with participation from Egypt Ventures, Tanmeyah (an EFG Hermes company), Afropreneur fund, and other angel investors.
Headquartered in Egypt, Gahez launched at the end of last year with aim of simplifying the process between retailers and manufacturers and boost the online trading cycle, while focusing on a data-driven approach to help bridge the inefficiencies in e-commerce for fashion merchants.
Gahez provides on-credit facilities to the retailers easing the collection process while handling their cash settlement with suppliers via third-party aggregators.
Gahez’s platform gives manufacturers and brands direct access to thousands of traders enabling them to enhance their margins and attract new types of buyers without having to deal with the logistical aspect of their business cycle.
Gahez co-founder and CEO Wael Olama spoke on the startup’s mission and the potentials that the African market can realize through digital incoporations.
“We are on a mission to revolutionize the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian/African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position itself within the sphere.
“The market size of apparel in Egypt amounts to $24 billion, rendering the market potential infinite. Alongside Egypt’s exports around $2 billion worth of apparel mostly to the U.S. and EU markets, there’s a huge potential for growth in the African markets, and this can happen rapidly only through the digital world,” Olama said.
Since launching, Gahez has grown its presence to 16 out of 27 governorates across Egypt and is working with more than 15,000 merchants and 142 manufacturers. The startup has also onboarded 4,000-plus SKUs.
The fresh infusion of capital will be used by Gahez to build out its technology and recruit talent for future expansion.