Fincart.io has announced that it has successfully closed its pre-seed funding round for an undisclosed amount. The round was led by Plus VC, the most active VC in the MENA, with participation from leading regional and international investors such as Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
The newly secured funds will help improve Fincart.io’s technology platform, grow its courier network, and support the fast-growing e-commerce market in Africa and the Middle East. Fincart.io is tackling major shipping challenges in a market with huge growth potential, as e-commerce logistics is already worth billions of dollars.
In 2023, Mostafa Elmasry and Nihal Ali launched Fincart.io to solve the unreliable shipping challenges that hinder e-commerce SMBs from scaling. The platform streamlines operations for online sellers, offering affordable, efficient delivery solutions and quick access to working capital.
“We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region,” said Mostafa Masry, co-founder and CEO of Fincart.io. Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region.”
“At Fincart.io, our strategy is to empower small and medium online sellers to scale through a seamless platform. They can connect their website, manage orders, access Africa’s largest courier network, and unlock working capital. Our 4x year-over-year growth and strong organic referrals prove stand as testament that we are solving critical challenges for online sellers across the region.”
With the e-commerce market in Africa and the Middle East projected to reach $75 billion by 2028, spread across over 4 million small and medium-sized online sellers, Fincart.io is poised to address a critical need for efficient and integrated shipping solutions.By unifying the largest network of shipping partners into a single platform, Fincart.io empowers sellers with unparalleled convenience and scalability.
“Fincart.io’s impressive growth and strong merchant and courier networks underscore our leadership in e-commerce logistics,” said Nihal Ali, co-founder and COO of Fincart.io. “Our platform enhances SMBs’ delivery performance with a courier recommendation engine, consolidated payments, and exclusive shipping rates. Merchants benefit from improved efficiency, full coverage, and tools to drive growth and scale seamlessly.”
Hasan Haider, Founder and Managing Partner of Plus VC, said: “We are proud to back Mostafa, Nihal and the team as they tackle one of the most critical challenges in e-commerce logistics. Fincart.io’s innovative platform empowers SMBs to overcome logistical barriers and scale seamlessly. With exponential growth and a deep understanding of the market, Fincart.io is well-positioned to become pioneers in this field and an indispensable partner for SMBs across the region.”
“Ecommerce in MENA is taking off, set to exceed US$50b this year. Small businesses that want to sell online need efficient shipping to sell profitably.” Said William Bao Bean, Managing General Partner at Orbit Startups. “We believe Fincart will be able to take eCommerce fulfilment to the next level for both merchants and carriers providing financing solutions that empower merchants across the region.”
Sherif Nessim, Founder & Managing Partner of Jedar Capital, added, “E-commerce is one of the fastest-growing sectors in the Middle East & Africa. Logistics & delivery delays remain one of the biggest challenges in the sector that affect customer satisfaction. It was very clear to me how Fincart’s data-driven approach can play a pivotal role in addressing these challenges, and helping e-commerce business owners with their extensive courier partners makes them a go-to for businesses looking for reliable shipping solutions.”
As Fincart.io accelerates its mission to redefine e-commerce logistics, the company remains focused on empowering merchants with the tools they need to scale effortlessly in an ever-growing market.
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