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Teegara, the Cairo-based B2B2C E-commerce startup has successfully closed a five-figure pre-seed follow-on funding round led by the Alexandria Angels Network, as well as angel investors from Saudia Arabia, Egypt, and the Netherlands.
The Egypt VC ecosystem was one of the 2 geographies in MENA to observe a growth in transactions, as every fourth deal was closed by an Egypt-based startup according to the Egypt H1 2021 Venture Investment Report. Contrary to the trend observed across MENA, funding rounds sized below $500K observed a 10PP increase between FY’20 and H1 2021, showing healthy signs of future deal flow such as this latest Pre-Seed funding round.
Founded in 2019, by Ahmad Kayyali and Nader Ibrahim with initial investee Ahmed Samir, Teegara offers a multi-vendor marketplace that gathers the Egyptian and African traders along with Asian traders in a B2C & B2B environment. The E-commerce startup aims to help anyone trade, starting with small retailers and social e-commerce merchants.
Through its digital platform, Teegara aims to solve major issues in the retail and procurement industries. The platform streamlines the buying process saving time and expenditures. Teegara aims to simplify the whole buying process for businesses, offering them competitive prices, innovative payment methods, easy shipping, and return procedures, as well as access to a large assortment of household products directly from producers. Commenting on this journey, Mr. Ahmad Kayyali, the founder and CEO of Teegara, stated "this is the era of B2B and social e-commerce, with millions of online merchants and small retailers, this market is eager for the kind of value that Teegara provides".
Reflecting on this latest deal, Co-founder of AlexAngels, Mr. Loay El Shawarby highlighted “Perceived by many angel investors to be the rising star of B2B2C e-commerce in Egypt and soon the region at large, Teegara is an e-commerce platform that aims to popularize and democratize the opportunity to trade at the retail, discounter, and wholesale distribution levels. Online and on-ground: anyone could trade, anytime, and realize profits. The team is brilliant and their expertise is immense. Their combined talent and maturity would surely turbocharge Teegara to meteoric growth! On behalf of Alex Angels, I am happy to announce our joining of Teegara's pre-seed round. We look much forward to partaking in Teegara’s growth journey”.
Tapping into a huge potential household product market, Teegara aims to utilize its newly acquired funds in empowering new users in general and small merchants in particular, by offering them access to a credit line, as well as diversified financial services through a network of partners.
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