Cairo-based Teegara closes Bridge round
Teegara, an E-commerce startup that focuses on household and FMCG products, has raised an undisclosed Bridge round to offer a digital platform to small traders and vendors.
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Cairo-based B2B marketplace startup Teegara has raised an undisclosed Bridge round led by Alexandria Angel Network, and Angel Investors from several countries.
Teegara was founded by Ahmad Kayyali, Nader Ibrahim, and later joined by Ahmed Samir as the first investor. The startup offers vendors new distribution methods, ways for increasing both margins and incomes for small merchants by decreasing the two-three circles between vendors and merchants, as well as providing credit lines and other financial aids.
The Egyptian VC ecosystem has observed a stellar growth in funding this year amassing $156M in Q1’22, as recorded in our Egypt Q1 2022 Venture Investment Report. The sector also closed the lion’s share of transactions with 9 deals accumulating $36.5M, credited majorly to Egypt’s social commerce platform Brimore’s $25M. The sector has been on a path of steady growth since last year after raising almost 5x of the capital deployed in 2020 with double the transactions in 2021. Egypt is also the only geography out of the top 3 geographies in MENA to have recorded a healthy deal flow in Early-Stage deals (<$1M) accounting for 39% of total transactions, same as Later-Stage deals ($1M-$5M).
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The services and beneficiaries Teegara offers are first hand prices, innovative payment methods, fixable shipping and returns procedures, and a vast assortment of household products, plastics, kitchenware, detergents, makeup, and lingerie directly from factories to merchants. Ahmad Kayyali, founder and CEO Teegara.com, said "Teegara obtained a bridge round of financing from Alex Angels with participation of investors from Saudi Arabia, Egypt, and Jordan. The company is preparing for its “SEED round” of financing during the second half of 2022 with VCs from the region."
Alex Angels Investor, Ramy Gamal reflects “Pleased and excited to participate in Teegara’s new investment round following my participation in their first investment round last year. This comes as a reflection of my belief in the founders’ team vision, dedication, and the real socioeconomic value Teegara is offering to its customers. I’m so optimistic about seeing a significant growth in Teegara after this round and inviting VCs to stay tuned and keep an eye on this startup.”
Teegara aims to help new small traders make the most benefits out of using the service. It has a goal of being able to connect vendors directly to merchants through their digital ordering platform and mobile apps. Kayaali added, "This round will be utilized in its expansion plan of the company by adding more verticals to its platform and hiring more sales and operations forces in addition to enhancing its technical capabilities".
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