Egypt's e-commerce start-up Mazaya raises
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.