EGYPT – Egyptian startup Teegara, a B2B e-commerce platform focused on household and FMCG products, has raised an undisclosed bridge round led by the Alexandria Business Angels Network.
The seed round was led by Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan.
The startup will utilize the fund 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.
Founded in 2019 by Ahmad Kayyali and Nader Ibrahim alongside the first investor Ahmed Samir, the B2B marketplace provides merchants with household and FMCG products at competitive prices.
Teegara connects vendors directly to merchants through their digital ordering platform and mobile apps.
The platform allows merchants and vendors to use it to grow their sales while lowering the cost of the product on them by overlooking the middlemen between the vendor and the merchant.
The e-commerce start-up offers 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.
The platform 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.
The startup will take advantage of Egypt’s growing e-commerce market with a revenue of US$5 billion to expand its operations.
The sector has been triggered by the Covid-19 pandemic that forced most people to embrace digital payment methods to curb the spread of the virus.
The government is also encouraging e-commerce start-ups to continue and achieve their potential with policies that create a good business environment in an attempt to revive the economy.
With a good business environment, startups such as Teegara are expected to grow to their full potential and contribute to empowering people for a better country.
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