B2B Marketplace Kuzlo raises Pre-Seed Funding
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The Egypt-based B2B marketplace Kuzlo has successfully raised an undisclosed amount in Pre-Seed funding from Nama Ventures.
Founded in 2021 by co-founders Ayman, Tarek, Bassem & Gebril, Kuzlo connects small retailers FMCG with wholesalers available in their area providing full transparency on product availability and prices. Focusing its operations in Alexandria, Kuzlo is adamant on building its market by providing its customers with elevated customer service and gaining their trust in delivery times.
Driven by an 855% YoY increase in funding, Egypt-based E-commerce startups raised 10x the amount of funds in Q3 2021 as they did same time last year. As recorded in our Egypt Q3 2021 Venture Investment Report, major rounds by the likes of B2B marketplaces MaxAB and Cartona built investment momentum in the B2B digital markets space, well-positioning nascent startups like Kuzlo.
FMCG market is changing due to the high competition from the mega stores and chains that are creating high pressure on the traditional supermarkets and groceries. Kuzlo provides FMCG players with a better supply network to ensure business success using technology as Co-founder and CEO Ayman Elgarem highlighted “Digitalization is becoming the main driver for the transformation of many industrial sectors and the B2B marketplace in Egypt has just started its journey towards a digital future. Kuzlo is helping small retailers shift into the new future challenges and support them to strengthen their business value using new digital trends of E-commerce and E-finance in the near future.”
The Egypt-based startup will be utilizing its newly acquired funds to further grow its user base and support the Tech development of the platform. Reflecting on this growth facilitating investment founder and managing partner of Nama Ventures Mohammed Alzubi shared high hopes for the venture “Part of our investment thesis at Nama is to look for great teams that are disrupting traditional businesses leveraging technology. This had become most evident in the supply chain of the grocery space in MENA. Ayman, Mohammed Gebril, Bassem, and their great advisor Tarek are a true example of a complementary team with deep knowledge in the industry, technology expertise, and operational excellence to take a shot at this space in Alexandria. We have no doubt that this team is on to something special and we are honored and privileged to be this sole pre-seed investor and backer.”
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