The SME service provider will use the funds from seven investors to expand into the MENA region in 2022.
Cairo-based B2B e-commerce startup, Capiter, has raised an impressive $33 million in Series A funding for the expansion of its digital finance services across Egypt and the Middle East.
Co-led by Quona Capital and MSA Capital, alongside additional investors Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab and Derayah Ventures, the size of the round reflects the promising potential the startup has been demonstrating since its launch in July of last year.
Capiter provides small-to-medium (SME) businesses with a single online platform allowing retailers to automate and optimise a variety of day-to-day business operations. The service uses machine learning technology to assist SMEs in easily ordering inventory, obtaining delivery and accessing critical financing services for responsive and efficient business practice.
Speaking of the company’s quick success, Chief Strategy Officer of Capiter investor Savola Foods, Mohamed Badran, said: “Capiter is providing a remarkable solution to some of the key challenges we witness firsthand in our day-to-day business in Egypt. The inefficiencies of the supply chain have been a pain point for suppliers and merchants and that is being efficiently addressed by Capiter’s platform”.
The e-commerce startup, founded by brothers and serial entrepreneurs Ahmed Nouh and Mahmoud Nouh (former COO and co-founder of ride-sharing service SWVL), hopes to invest the recently acquired funds into expanding both their types of customers and their customer base more generally, moving into the wider MENA region in 2022.