Egyptian startup Fatura, which connects wholesalers and manufacturers with retailers across different industries, has closed a US$3 million pre-Series A funding round to allow it to offer new services and expand to new markets.
Founded in 2019 by Hossam Ali, Ahmed Anwar and AbdAllah Mohebeldin, who were later joined by Ahmed Al Bakary, Fatura was established to meet the demand of FMCG retailers by providing a simple-to-use mobile application that allows them to access a network of carefully vetted wholesalers.
The startup – which raised seed funding last year – leverages the underutilised assets already owned by wholesalers and uses technology to resolve existing supply chain inefficiencies for all relevant stakeholders including retailers, wholesalers, and manufacturers. It has 10,000 available SKUs available to more than 25,000 retailers.
Fatura has now secured a US$3 million pre-Series A round co-led by Sawari Ventures and Arzan VC, and also featuring Egypt Ventures, EFG-EV, Cairo Angels and Khwarizmi Ventures. It will use the funds to offer new services, roll out multiple digitisation initiatives with a focus on digital payments, and expand to other countries in the region.
Hossam Ali, Fatura’s chief executive officer (CEO), said there was great opportunity in the B2B space in Egypt, which was growing as players become digitally mature.
“Collectively, the digital B2B players in the FMCG space capture less than five per cent of the market, and there is a long way to go. Our conviction is to stay asset-light, be inclusive to all the industry stakeholders and to attract the best on-ground acquisition force across the country,” he said.
Fatura has built a strong foundation and infrastructure that enables it to monetise its data and services. The company’s future plans include new services that support the different players in its ecosystem including manufacturers, wholesalers and retailers, multiple digitisation initiatives with a focus on digital payments and regional expansion into new markets.
“Fatura’s existing infrastructure has enabled them to expand their offerings to new customers,” said Hany Al-Sonbaty, managing partner at Sawari Ventures.
“The team has demonstrated that they have the vision to identify new opportunities and the prowess and agility to implement and deliver. We are excited to become part of their journey.”