Khazenly, the Cairo-based on-demand digital warehousing and fulfilment platform, announces its successful seed fund raise of $2.5 million.
The funding round was co-led by leading regional venture capitalists Arzan Venture Capital – specialized in innovative, early-stage startups, and Shorooq Partners – focused on seed-stage tech funding across MENAP. Other investors included Fintech-focused fund – Camel Ventures, Averroes Ventures, and various angel investors.
Proceeds will be used to develop Khazenly’s products and services, and quadruple its existing facilities. Geographical expansion will also be supported as Khazenly continues its rapid growth trajectory during 2022.
Founded in mid-2021 by Mohamed Younes (CEO), Osama Aljammali (CCO), Mohamed Montasser (CXO), and Ahmed Dewidar (CTO), Khazenly is shaping the future of e-Commerce in Egypt. The Company’s convenient, affordable, transparent, omni-channel solution helps merchants grow their businesses and supercharge the digitalization of their fulfilment processes.
Via its simple and transparent subscription-based packages, Khazenly’s fully-digitized platform is a one-stop-shop solution for the full spectrum of fulfilment services, from warehousing, to cross-docking, transportation, delivery, and cash collection services. Its end-to-end platform means that retailers and e-Commerce entrepreneurs can digitally optimize their fulfilment processes, when selling online (B2C), via retail stores (B2B), marketplaces, cross-border, or a combination of these channels.
Mohamed Younes, Co-Founder and Chief Executive Officer, commented: “At Khazenly, our simplified, technology-fueled platform, high-caliber experienced team, and network of market-leading partners help merchants grow and scale. I am delighted to announce our successful seed funding round, meaning we can build on our success and position Khazenly as a regional leader in fulfilment and logistics, as we shape the future of e-Commerce in Egypt and beyond.
“We are on the cusp of tremendous client growth in Egypt due to our constantly innovative solutions. It is the perfect time to welcome our lead investors Arzan Venture Capital and Shorooq Partners; we look forward to working with them and all our other investors at this exciting time. We are very proud of our achievements to date, and are thrilled about the immediate future.”
Since inception in 2021, Khazenly has become the partner of choice for a rapidly growing number of merchants, including some of Egypt’s most exciting companies, across diverse industries: apparel & clothing, electronics, home accessories and FMCG. With brands such as XPRS by Tradeline, Mozare3, and many more benefiting from Khazenly’s technology-based fulfilment services, Khazenly has already handled an 8 digit-figure of Gross Merchandise Value, and its platform supports clients on 16,000+ self-service activities.
Khazenly plans to continue expanding its portfolio of data-driven products, such as its flagship Mobile Dark Stores, which elevate the merchants’ experience by forecasting the products to be warehoused in line with market demand, while also enhancing shopper experience by ensuring a prompt delivery window.
Laith Zraikat, Partner at Arzan Venture Capital, commented: “The Khazenly team has demonstrated the ability to not just execute and deliver outstanding results, but to also offer innovative products and solutions that allow brands and merchants to sell more products to more customers, more frequently and in more locations – contributing to wider economic growth and development.
“With an increased focus globally on building more resilient supply chains, and a wider societal shift to e-commerce, our investment in Khazenly proves that the logistics tech and fulfillment sector is still up for disruption. We are excited to partner with the founders and the rest of the team to help grow Khazenly and bring their services to more businesses and consumers.”
Tamer Azer, Partner at Shorooq Partners, added: “The rise of e-Commerce globally, especially following the disruptions seen in the pandemic, has shown that fulfilment really does make the world go round. It also empowers millions of people and businesses and enables them to reach customers the world over, as part of an increasingly global marketplace.
“We are thrilled to be working with Khazenly and its stellar team, as we firmly believe their products and services have the capacity to drive forward the fulfilment industry in Egypt and wider region, by making sure the world keeps turning for both buyers and sellers. We couldn’t be more excited to be a part of their journey.”
E-Commerce is one of the driving forces of the Egyptian economy, and is expected to grow by 30% in 2022, spurred by a growing number of younger shoppers and rising incomes. The estimated formal market size in Egypt for e-commerce will reach 140 billion EGP (US$7.5 billion) in 2022.
Press Release Received on Mail
