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"Capeter" attracts investments worth 33 million dollars to support financial services for the e-commerce sector


Capiter, the e-commerce platform specialized in the FMCG field, has succeeded in raising an investment of $33 million in the first funding round, led by a number of major companies and investors, led by Capital Quona, MSA Capital, Savola, in addition to Shorooq Partners. , Foundation Ventures, Accion Venture Lab, and Derayah Ventures. This is the first investment of its kind for Quona in Egypt, and it is also the first time in the Middle East and North Africa region that a food and fast-revolving products company has invested in an e-commerce platform through the participation of Savola.

 

This funding round comes within the framework of the intensive efforts made by "Capeter" to support and expand the scope of its financial and digital services in the field of e-commerce between companies, which includes digital financial solutions and facilities for merchants, in addition to expanding the scope of the company's business to cover all parts of Egypt and the Middle East and North Africa by 2022. .

 

Capiter was established in July 2020, and it is an e-commerce platform that aims to connect merchants and small and medium-sized companies directly with suppliers through an application, which provides a comprehensive service for customers so that they can submit a purchase order and request a delivery service in addition to providing an electronic payment mechanism, and Capiter provides its services through A network of more than 50,000 dealers and hundreds of global and local manufacturers, as well as a fleet of more than 400 trucks offering more than 5,000 products across its platform, with an 11-fold growth year-on-year.

 

Commenting on the company’s ambitious plans after obtaining the first financing round, Mahmoud Noah, CEO of Capiter E-Commerce, said: “As an Egyptian startup, we are proud of this great achievement that we have achieved in just one year since our launch in 2020, especially since our value lies in Providing merchants with appropriate mechanisms for electronic payment through partnerships with local banks and financial institutions so that we can provide a better service of high quality that satisfies our customers. It is realistic and attractive and makes us in the movement of work and continuous study to keep pace with market changes and provide everything that is new.

 

Mahmoud Noah is considered a visionary entrepreneur, as he is one of the founders of "Swvl" and previously held the position of Chief Operating Officer, making him the founder of two of the largest startup companies in the region. And Capiter's investments come a few weeks after the announcement of "Swvl". It announced the conclusion of a merger deal with “Queen’s Gambit” and its listing on the “Nasdaq” stock exchange, in a deal valued at $1.5 billion.

 

Capiter uses what is known as behavioral and predictive data for each buyer to help make the application match the needs of each customer, for example by using “Capiter” the buyer can be helped to choose from five thousand products through the application based on several characteristics such as location, region, number of visits , the type of products it sells, its sales volume, and its purchasing power. Thus, "Capiter" allows buyers to access a wide range of products, manufacturers and brands, thanks to that technology that works by "machine learning" technology, which is one of the branches of artificial intelligence that determines the preferred product for the merchant.

 

For his part, Ahmed Noah, Chief Operating Officer of Kapiter e-commerce company, said, “Our mission is to expand geographically, empower more retailers across the region through Kapiter’s services, and expand into other sectors such as agriculture, electronics and pharmaceuticals.” He added, “Our company has the ingredients that It qualifies it to grow quickly based on what we have achieved in a short period of time, so we are working to build a strong team from around the world to bring the global expertise that Capiter needs to achieve our goals.”


Monica Brand Engel, Co-Founder and Managing Director of Quona, said: “As our first investment in Egypt, Kapiter builds on Quona's e-commerce portfolio and significant presence in the MENA region. We look forward to a successful career with Kapiter. Which seeks to revolutionize retail and provide a role model worldwide.Our main goal at Quona is to provide FinTech opportunities to the non-banking sector, which Kapiter is promoting, leveraging its experience and user input to impact positively. The financial sector for companies and shop owners, and thus help improve their results.”

 

Quona is a venture capital firm that invests in financial technology companies that are still growing in emerging markets around the world.

 

For his part, Ben Harburg, partner at MSA Capital, said, “The shortcomings in the supply chains of SMEs are significant across the Middle East and we believe that the reason for this is the shortage of capital. Kapiter has succeeded in finding a mechanism to link Retailers and suppliers in addition to facilitating the payment system, digital payments, accounting and inventory management for SMEs, benefiting from the ecosystem established by local banks and financial institutions.

 

Mohamed Badran, Chief Strategy Officer of Savola Foods, said: “Capiter offers innovative solutions to many of the challenges that we face on a daily basis during our work in Egypt, as the platform deals with the utmost efficiency with the deficiencies in the supply chains, which were a weakness for suppliers and traders alike. whether". For his part, Walid Khaled Fatani, CEO of Savola Foods Company, said: “As part of the corporate projects program of the Savola Group, we see this investment as a serious step for our aspirations for the Egyptian market, and at the same time Kapiter will benefit from our extensive experience in the field of consumer goods in the eastern region. Middle East, Africa and Turkey.

 

It is noteworthy that Egyptian start-ups obtained $ 194 million in venture capital financing in the first half of 2021, according to a report by the Information Technology Industry Development Authority, which represents 26% of all transactions that took place in the Middle East and North Africa during that period. A report issued by "Magnitt" also showed that Egypt attracted more investors than any other country in the Middle East in 2020, and the number of venture capital companies in Egypt reached 69 actively investing during 2020, which represents a noticeable increase from 2017. Where the number of companies was 31 companies only. It is worth noting that international venture capital companies accounted for 32% of the total investors supporting Egyptian startups in 2020, compared to 21% in the UAE and 18% in Saudi Arabia.

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