CDG Invest invests US$0.34m in GOAcommerce to expand its offering

MOROCCOCDG Invest, the investment arm of the CDG Group, has just taken a stake of MAD 3 million (US$0.34m) in the startup GOAcommerce, operating in the e-commerce delegation.

This Seed financing comes within the framework of a roundtable with several investors. It will allow GOAcommerce to take a step forward by moving from the seed phase to the acceleration phase, which will allow the young startup to boost its growth in the MENA region, starting with Egypt.

This phase will also help strengthen the startup’s expertise across the entire e-commerce value chain through technology and an ambitious recruitment plan.

“The program serves our strategic pillar of building the Egyptian citizen; where ITIDA is currently focusing on expanding its language training programs, especially, the English, German and French languages, to qualify young learners to the global business services market, thus creating a wide base of competitive Egyptian calibers in ICT related specializations,” said Amr Mahfouz, ITIDA’s CEO.

“The program is designed to increase the competitiveness of Upper Egypt governorates in the offshoring and call center services, through continuously training students and equipping them with in-demand skills, to build and maintain a talent pool, which in its role will lure international companies to invest in these governorates, provide many jobs opportunities for young people,” Mahfouz added.

The program is funded mainly by the Information Technology Industry Development Agency (ITIDA) where students pay a contribution percentage, as per their previous academic year’s grade (GPA) before applying.

This investment comes at the end of the startup’s participation in the 212Founders support program whose applications for the third promotion are currently open.

After having finalized seven financing agreements for start-ups in the first batch of the 212Founders program, CDG Invest supports the growth of GOAcommerce which, thanks to the funding allocated to it, can now integrate the acceleration phase of the 212Founders program.

GOAcommerce is a startup that offers brands and manufacturers the opportunity to outsource all the management of their online sales, regardless of the sales channel, ranging from marketplaces, through own sales sites and sales on social networks.

The start-up combines proprietary technologies with its expertise in online sales to operate and optimize the sales of its partners. It is a full-service solution that offers online visibility management as well as the logistical means necessary for processing and shipping orders on behalf of its partner brands.

As a reminder, since its launch in 2018, GOAcommerce has supported several multinationals such as Unilever, Bosch, or Johnson & Johnson, in Morocco and Tunisia, with offers of referencing services, online store management but also e-distribution, storage and delivery of parcels.

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