Egypt's e-commerce start-up Mazaya raises

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Egypt' 

The pre-seed funding round was led by Raya Trade & Distribution, a subsidiary of Egypt-listed Raya Holding for Financial Investments, Mazaya said in a statement on Tuesday.

The start-up will use the funds to expand its Operation in Egypt, grow in new markets and "potentially" venture into other business segments.

"The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt; we have plans to launch our services in Nigeria before this year-end," Amir Aboul Fotouh, Mazaya's co-founder and head of operations, said.

Venture funding and deals hit a record high in Egypt last year, with $491m invested across 147 transactions, start-up data platform Magnitt reported.

Revenue in Egypt’s e-commerce market is projected to reach $7.74 billion this year and increase at a compound annual growth rate of about 19 per cent between 2022 and 2025, German market and consumer data platform Statista reported.


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