Egypt’s E-Commerce Startup, Teegara secures undisclosed amount from Alex Angel-led bridge round
Teegara.com, an Egyptian e-commerce startup that deals in household and FMCG products has secured an undisclosed amount in a bridge round that was led by Alexandria Angel Network with the participation of investors from Saudi Arabia, Egypt, and Jordan to expand, adding more verticals to its platform and hiring more sales and operations forces in addition to enhancing its technical capabilities.
Ahmad Kayyali founded Teegara with his co-founder, Nader Ibrahim in 2019 and was later joined by Ahmed Sami, the first investor in the B2B firm. Its offerings include providing vendors with new distribution methods, ways for increasing both margins and incomes for small merchants by decreasing the two-three circles between vendors and merchants, as well as providing credit lines and other financial aids.
Teegara is seamlessly connecting vendors directly to merchants through its digital ordering platform and mobile apps which in turn help merchants and vendors grow their sales while lowering the cost of the product on them by eliminating the middlemen between the vendor and the merchant.
The services and beneficiaries Teegara offers are first-hand prices, innovative payment methods, fixable shipping and return procedures, and a vast assortment of household products, plastics, kitchenware, detergents, makeup, and lingerie directly from factories to merchants.
Teegara provides first-hand rates, innovative payment ways, resolvable shipping and returns procedures, and a wide range of household products, plastics, kitchenware, detergents, beauty, and lingerie directly from factories to merchants.
Ahmad Kayyali, founder and CEO of Teegara, said “Teegara obtained a bridge round of financing from Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan.”
“This round will be utilized in its expansion plan of the company by adding more verticals to its platform and hiring more sales and operations forces in addition to enhancing its technical capabilities. The company is preparing for its “Seed round” of financing during the second half of 2022 with VCs from the region,” he explained.
Ramy Gamal Investor at Alex Angels said “I am pleased and excited to participate in Teegara’s new investment round following my participation in their first investment round last year. This comes as a reflection of my belief in the founders’ team vision, dedication, and the real socioeconomic value Teegara is offering to its customers. I’m so optimistic about seeing significant growth in Teegara after this round and inviting VCs to stay tuned and keep an eye on this startup.”