Egyptian e-commerce startup raises funds for pan-African expansion
Cairo-based e-commerce fulfilment startup Mylerz has secured funding to the tune of $9.6m (€9.1m) to help it enter new markets and expand across Africa.
Expansion plans begin in Egypt over the next three months, reports TechCrunch, but after that, the company has its sites set on the burgeoning e-commerce markets in East Africa, which have experienced an 18% annual growth in e-commerce since 2014.
Mylerz longterm goal is to become a pan-African logistics provider. As it expands into Algeria, Tunisia and Morocco, it brings with it its payment partner Fawry to provide electronic payments and cash collection. This is imperative as ‘cash on delivery’ is still the preferred method of payment in Egypt, which introduces a whole new level of risk for fulfilment companies like Mylerz. Fawry’s 250,000 agents will help deposit the cash collected from buyers which will help reduce the risks for Mylerz.
Mylerz provides same-day deliveries for customers and its platform allows partners to track orders sent out for delivery, change destination and delivery times and generate business insights.
Image: Mylerz Founder and CEO, Samer Gharaibe, courtesy of Mylerz