Egyptian ECommerce Startup, Gahez, Raises $2M in Pre-Seed Funding
In a pre-seed funding round Egyptian eCommerce startup, Gahez, banks $2 million with aim to enhance the wholesale distribution platform.
Ecommerce and fashion industry have witnessed remarkable growth in the recent some years. Since its an evolving sector, so it has some problems that needs to be addressed. In order to enhance and transform the wholesale distribution the B2B fashion and e-commerce marketplace has raised $2 million in the latest funding round.
The funding round was led by Disruptech Ventures. Moreover, Egypt Ventures, Tanmeyah (an EFG Hermes company), Afropreneur fund, and other strategic angel investors also participated in the round.
Gahez operates as an online marketplace which works with a vision to transform wholesale distribution. It is trying to achieve its objective by streamlining the operations of manufacturers and retailers. This also helps in improving the online trading cycle.
Not only this, but the platform also uses data anyltics and different technologies to make data driven decisions. The data-driven approach of the platform, enables the fashion to beat their current inefficiency and procurement challenges. Because its data-driven approach facilitates in the selection and sourcing options of the products. Moreover, the platform also provides the on-credit facility to the retailers to ease the collection processes.
The eCommerce sector across MENAPT has seen a massive growth. This can be gauged by the fact that Ecommerce has seen a growth of 900% since 2019. This is the reason that development of eCommerce platform is becoming more and more popular. Moreover, different tools and technologies like Big Data, Artificial Intelligence and ML are further enriching the capabilities of eCommerce platforms.
With the newly acquired funds, the company is focussing on expansion and improving its operations.
Industry Veteran and Gahez Co-Founder/CEO Wael Olama reflected on their expansion and growth, “We are on a mission to revolutionize the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian/African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position itself within the sphere.”
Story Credits: Magnitt