EGYPT – Kemit, an Egypt-based E-commerce platform, has secured a six-figure seed fundraise from a group of Saudi Angel investors, which enables it to expand its variety and its reach all over Egypt with the maximum quality and the minimum price by partnering with a network of manufacturers.
Founded in 2017, Kemitt’s online platform allows customers to access over 15,000 SKUs, with an on-demand manufacturing option and 7-12 day delivery services to their doorstep, which saves their time by fully digitising the shopping experience, and using the best tech in the market while offering all payment and financing plans.
“We are very excited about the opportunity this investment gives us. It will enable us to scale up our operations and expand to new markets,” said Mahmoud Fouad, co-founder and CEO of Kemitt, adding that their goal is to put Kemitt as a first choice when the customer considers furniture shopping.
“We invest in technology to drive growth, as we have prioritised solving logistical pain-points to ensure a smooth journey from the factory to customers’ houses. We believe that digitising the furniture industry in the region is crucial for the local economy,” Fouad added.
“We believe that digitising the furniture industry in the region is crucial for the local economy.”
Mahmoud Fouad – Co-founder and CEO, Kemitt
The startup plans to use the funds to expand its team, operations, further develop its technology and enter new markets in the region, starting with Saudi Arabia.
By collaborating with a network of suppliers, Kemitt will be able to extend its range and scope across Egypt while maintaining the highest quality and lowest price.
Giza-based eCommerce tech startup Kemitt has secured an undisclosed six-figure amount in funding from a group of Saudi Angel investors.
As a platform, Kemitt enables product designers to sell their uniquely-made furniture products online and increase their overall revenue by reaching new online customers.
The Egyptian e-commerce market is booming and set to be the largest in Africa thanks to a large population and rapidly increasing internet penetration rates.
COVID-19 drove a surge in the rate of growth in retail current value sales of e-commerce in Egypt during 2020. With consumers locked down for an extended period, making it difficult for them to shop in person, many tried internet shopping for the first time.
The pandemic also led a growing number of retail chains to turn to e-commerce in the face of a significant reduction in footfall in many bricks-and-mortar stores. The likes of fashion retailer H&M and Oysho launched their own shopping apps, offering online-only discounts and promotions in an effort to attract consumers.
