Store Management Platform Dukkantek raises $5.2M SEED
UAE-based E-commerce builder and digital storefront management platform Dukkantek has raised $5.2M in SEED financing from major players in the ecosystem to drive digital transformation in traditional retail spaces.
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UAE’s pioneering digital storefront management platform Dukkantek has announced the successful closing of its first $5.2M funding round. The Seed financing was led by Global Founders Capital, with participation from Colle Capital Partners, Wamda Capital, Plug and Play, and Comma Capital. Other strategic investors in the round include Nowais Capital, Annex Investments, and AMK Investment Office.
Founded in January 2021, Dukkantek launched to meet the growing demand for digital advancements within the community retail sector, entirely bootstrapped by three Co-Founders prior to this first fundraise. Seamlessly integrated system with cloud-hosted software, Dukkantek aims to strengthen local community stores through digital transformations and end-to-end technology that improves all business processes.
The E-commerce industry marked a notable recovery and opened doors for new venture prospects in 2021 as recorded in our E-commerce 2022 Venture Investment Report. The sector in MENA has observed a 235% YoY growth in capital invested over 12 more deals than the year before. This comes after the industry recorded dips in both volume of investment (10% YoY) and number of transactions recorded (26% YoY) in 2020. All three top geographies in MENA, the UAE, KSA, and Egypt observed investment growth in the sector over 2021, with KSA-based E-commerce startups raising the lion’s share of investment. While the need for on-demand digital solutions in shopping & retail increases, Dukkantek is positioned well in the curve to capitalize on a rapidly evolving market.
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Amidst the global pandemic, businesses unable to facilitate online payments were severely impacted due to the decrease in customers visiting stores and increasing demand for contactless payment methods. To address this pain point, and drive the digitization of local stores, Dukkantek’s platform offers advanced in-store boxes fitted with a seamless Point-of-Sales (POS) system that can be accessed online, from anywhere in the world. The cloud-hosted software allows business owners to keep track of transactions, monitor sales, calculate VAT, generate reports, and calculate profit margin.
Additionally, the platform's unique Cloud Inventory Management (IM) helps track stock, manage stock value, organize the inventory, manage fast-moving products, and generate reports for analysis. In light of this platform-boosting investment, Victoria Grace, Founding Partner of Colle Capital Partners commented, “The adoption and utility of technology in SMB’s across sectors is accelerating rapidly and Dukkantek is at the forefront of this change in the GCC region. With energetic and driven founders, the Dukkantek team has tackled major issues in a severely underserved section of the market and we want to aid in supercharging the growth of their merchant base. Dukkantek’s stellar growth to date underscores both the dire need for platform solutions in the space and the extraordinary strength of their offering. We look forward to leveraging our strategic relationships in the region and beyond to help bring Dukkantek's technology to those who need it most”.
Dukkantek is the GCC’s front runner for this accelerating need observed in small and medium businesses' adoption and usage of comprehensive online shopping technologies. The company has seen phenomenal growth to date, highlighting a severely underserved market and reaffirming the local demand for such a solution. This investment allows Dukkantek to continue its efforts in empowering traditional merchants to thrive in a digital world, expand exponentially, and maintain its premium end-to-end technology. Mariam Kremer, Partner at Global Founders Capital, concluded with high hopes for the UAE-based team, “Dukkantek’s impressive traction and long-term potential are underpinned by a strong team, a full-stack solution, and a comprehensive offering for the merchants they onboard. We are thrilled to lead this funding round and partner with the Dukkantek team to help make their vision a reality and continue our support for high-growth startups in the MENA region”.
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