Egyptian Ecommerce Platform Teegara Raises Undisclosed Bridge Round
The startup will look to expands into newe verticals, eight months after raising an undisclosed pre-seed round.
Nine months after raising an undisclosed seed round, Egyptian ecommerce platform, Teegara, has announced the raise of a bridge round - also undisclosed - led by Alexandria Angel Network, alongside angel investors from Egypt, Saudi Arabia and Jordan.
Founded in 2017 by Ahmad Kayyali and Nader Ibrahim, who were later joined in a co-founder role by first investor, Ahmed Samir, the platform focuses on FMCG and household products, offering vendors new avenues of distribution, alongside credit lines. Through innovative payment methods, fixable shipping and returns procedures, Teegara ultimately looks to empower new small vendors, connecting them directly to suppliers through its ordering platform and app.
Alex Angel Network’s Ramy Gamal stated that the investment is a “reflection of the belief in the founders’ team vision, dedication, and the real socioeconomic value Teegara is offering to its customers. I’m so optimistic about seeing a significant growth in Teegara after this round and inviting VCs to stay tuned and keep an eye on this startup,” he added.
The announcement comes off the back of a fruitful period for ecommerce startups in Egypt, with Brimore closing a $25 million Series A round in January, building on impressive raises in 2021 including MaxAB’s $55 million and Capiter’s $33 million rounds. Last year, Egyptian startups recorded a 176% YoY growth in VC funding, with ecommerce ranking in at second to fintech in number of deals (23) and second to transport and logistics in total capital raised ($96 million). MaxAB’s $55 million Series A was the second largest round, second only to Halan’s $120 million mega round.
With its new injection of capital, Teegara intends to expand into more verticals, as well as expanding its sales and operations forces and enhancing its tech. These moves come at an opportune time in an ecommerce market that generated $5.162 billion in revenues in 2021.