Wiz Holding, a tech e-commerce enterprise in the MENA region, announced that it has closed a Seed funding round from international investors from the USA, Canada, and KSA who collectively invested $2M in the idea of empowering local businesses across the MENA region with Wiz Shops.
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Wiz Shops is a tech e-commerce platform that will empower SMEs across the region, transforming their offline business online. It aims to lead digital transformation and also empower SMEs and large entities with tools to scale, reach their target market, and penetrate new markets. They have a vision of creating more revenue streams and higher profit margins for customers. Wiz Shops will support businesses in tapping into the untapped potential in the region and enhance opportunities for growth. Wiz Shops is entering the market at extremely unprecedented times and will play a crucial role in the sustenance of small, medium, and large businesses post the pandemic.
Mohammed Tayem, Founder & CEO said, “As we are getting ready to launch Wiz Holding to lead the digital transformation of the MENA region, we have analysed the market and saw a gap in the offerings. We wanted to create a one-stop solution for e-commerce needs with all the support required by businesses to achieve their goals. To do that, we have headhunted our CXOs to maximise the opportunity and lead the transition with some of the best minds in the business."
The funds will be used to establish Wiz Shops in the region and they are looking to expand to the entire MENA region in the near future. Wiz holding will operate from its Dubai Head Quarters with offices in Egypt and KSA.
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August 2020 saw a 48% drop in the number of deals, while total funding on the other hand increased by 93% when compared to the same month last year. Discover more trends and insights in our August 2020 Dashboard Report.