ExpandCart secures $2.5M Series A funding to help build new E-commerce solutions

ExpandCart, an eCommerce and retail platform in the Middle East, has today announced an investment of $2.5M in a Series A round led by Sawari Ventures with the participation of Agility Ventures, Graphene Ventures, and two angel investors. 

Get the Top Startup Stories directly to your inbox! Subscribe to MAGNiTT Newsletters

Trusted by more than 20,000 merchants in over 40 countries, ExpandCart provides comprehensive eCommerce solutions to enable merchants and retailers to build their online stores and expand their sales. ExpandCart’s omnichannel selling solution includes a feature-rich and customizable platform for building online storefronts, an integrated cloud point-of-sale system for retailers, and a connected branded merchant mobile app.

The investment comes as part of the company's strategic plan to focus on digital commerce solutions that target online and offline retailers and reduce the gap between suppliers and merchants in the Middle East.

Amr Shawqy, CEO & Co-Founder of ExpandCart said, "At ExpandCart, we believe that technology can empower commerce, with that vision in mind, over the past couple of years, we have built solutions to help merchants expand their sales online and offline. This new round of funding will help us implement our ambitious roadmap of new innovative eCommerce solutions that will supercharge eCommerce growth in the Middle East."

Discover more than 250 Egypt-based E-commerce startups on MAGNiTT

ExpandCart has successfully expanded its operations across the GCC, Egypt, and North Africa, doubling numbers every year since it started gaining an excellent reputation and impressive traction.

The company also developed partnerships and relationships strategic to its growth, including its partnership with Facebook, Google, PayPal, DHL, Boubyan Bank, among others. It proves that the company provides world-class solutions that attract thousands of merchants with impressive GMV motivating major strategic partners to work with them.

Ahmed El Alfi, Chairman of Sawari Ventures added, "Over the past years, the ExpandCart team was able to build an amazing platform supporting thousands of merchants from all over the Middle East. Their new eCommerce solutions roadmap proves that they truly understand the future of eCommerce, and we are excited to become part of their journey."

During the COVID-19 pandemic, the ExpandCart team had the opportunity to support thousands of merchants to continue their business online. The demand for their solutions and services during that period was unprecedented. It allowed the company to get inspired by the dynamic merchants' needs to develop an innovative digital commerce solutions roadmap.

"Since our previous funding round in 2019 with ExpandCart, we have been working with them as a strategic partner in the region, their amazing highly-integrated product along with their impressive growth proves they are the only platform positioned to lead the Middle Eastern market. This is why we were eager to join this round with a follow-on funding," said Fahad Al Shatti, Vice President of Agility Ventures.

Are you a startup looking for investment? Apply for funding to 95+ investors now.

Despite the impact of COVID-19, by October 2020 MENA VC investment has exceeded full-year funding in 2019. Access the numbers and get more data in our October 2020 Dashboard.