Egyptian Startup Mowarrid Raises USD 2.3 Mn From Regional And International Investors
Mowarrid; an Egyptian startup that connects supermarkets to suppliers, has just announced raising investment round of USD 2.3 Mn from a combination of regional and international investors.
Mowarrid is an online platform that connects supermarkets with their suppliers, that is; Fast-Moving Consumer Goods Companies (FMCGs). Through the startup’s mobile app, supermarket owners are provided with an easy and convenient means of directly placing orders for goods for their supermarkets from FMCG companies.
And there is something for the FMCG companies too as the platform also has provisions which allows such companies to be put in the know as regards their orders. This it does by furnishing them with detailed reports; a feature which also comes in handy in the management of a myriad of other tools that the platform provides to FMCGs for the maximization of the perks that come with this direct connection with its retailers.
As revealed by Ahmed Essam, Founder and CEO of Mowarrid, in a conversation with WeeTracker, the closing of the financing round is the culmination of negotiations that have been in progress since early this year. “We are using the funds to expand our development and sales teams, as well as accelerate retailers acquisition,” the CEO further stated.
Ahmed also told WeeTracker that his creation, Mowarrid, started as an idea since 2015. However, the company was formally established in 2017, and it has been growing and developing ever since. On the backs of securing the latest investment, the company appears to be on course in its bid to further scale its operations by expanding its development and sales teams. The funding is also expected to go some way towards expanding the scope of the startup’s acquisition of retailers.
Feature Image: Ahmed Essam via LinkedIn
