Taager, an Egyptian social e-commerce platform empowering online merchants with end-to-end logistics has secured $6.4M in a Seed funding round, led by 4DX Ventures, a pan-Africa-focused venture capital firm.
The round also saw participation from Raed Ventures, Beco Capital, Breyer Capital, and several key private investors including Magnus Olsson, co-founder of Careem. This investment brings the total amount raised by Taager to $7 million.
This marks the first time Breyer Capital will be investing in the MENA region. Breyer Capital is known to have led Facebook’s first institutional funding round in 2005. Other companies in its portfolio include Grammarly, Spotify, Didi, etc.
“Taager’s traction in the emerging social e-commerce space has been remarkable and we are excited to help the company maintain this impressive momentum as it scales the business beyond Egypt. Jim Breyer, Founder & CEO of Breyer Capital said about the investment.
Jim Breyer expressed confidence that Taager will be able “to replicate its unique data-driven approach for further growth across the region.”
Founded by Mohamed Elhorishy, Ismail Omar, Abdelrahman Sherif, and Ahmed Ismail, Taager is a social e-commerce marketplace that provides online sellers and traders with a complete suite of backend and integrated services, from operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products, connecting sellers with wholesalers.
The company uses technology, AI, and data science to enable first-time sellers to start and scale their online business seamlessly with relatively low risk.
It offers a transparent pricing structure and an enhanced product selection process, freeing online sellers to focus on running their business while Taager handles the end-to-end operations.
The company revealed that its Gross Merchandise Value (GMV) has grown at a rate of around 40% month-on-month since it launched.
Peter Orth, Co-Founder and Managing Partner at 4DX Ventures said they’re thrilled by this investment and were very impressed by the results that the Taager team has been able to show so far.
“The Taager team have achieved very impressive results incredibly quickly, and also built one of the most impressive teams in the ecosystem. Their focus on quality and execution, and a very unique approach to empowering e-commerce entrepreneurs is a dominant combination. We’re thrilled to partner with the team in the next phase of the company’s growth,” he said.
Commenting on Taager’s growth ambitions, Mohamed Elhorishy, Co-Founder and CEO at Taager, said: “Small and medium-sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the MENA region.
The global social market is rapidly growing, and with over 1.25 million online social sellers in Egypt alone, the Egyptian social e-commerce market is forecast to be worth more than $14.8 BN by 2024. Taager is well-positioned to serve this growing market and plan to strengthen its capabilities to offer its solutions to millions of users.
The new capital raised will be deployed to expand Taager’s rapidly growing operations and presence across Egypt and worldwide. The company also plans to scale and boost its technology and expand its world-class talent pool. The company is currently actively hiring across all levels throughout the company.