Egyptian Logistics Startup Sprint Raises Six-Figure Seed Funding Following USD 1.25 Mn Pre-Money Valuation
Sprint, a logistics and delivery startup founded in 2018 has secured a six-figure seed funding from an undisclosed angel investor after a USD 1.25 Mn valuation.
With this round of funding, Sprint will accelerate its growth plans, develop its technology and expand its hubs network across Egypt. Sprint currently serves Cairo, but plans to expand to Alexandria, Mansoura, Port Said and Suez. It’s also intending to hire more talent with its new funding.
The startup which claims to be enjoying a 35% month-on-month growth was founded by Mohamed Deif. It provides last mile delivery services for e-commerce merchants and consumers, claiming to make deliveries within 24 hours. It has a bias towards micro-merchants with volumes as low as 30 orders per month.
“We’re really excited and confident in what we’re building. We’re focusing on improving the e-commerce and logistics ecosystem in the Middle East & North Africa by providing a technology-enabled platform that helps e-commerce merchants enjoy high-value logistics services & solutions regardless of their shipping volume,” said Mohamed.
With an entirely tech-enabled delivery chain, Sprint offers GPS tracking of goods, automatic customer notification and API integrations with e-commerce platforms like Shopify and WooCommerce. Users also get shipment exchange and refund options and a variety of cash collection options through their web portal.
Many tech companies are working to disrupt the logistics space in Africa. But Sprint is not the only one to raise funding this year, more so from Egypt. Early this year, Egypt’s logistic startup Trella raised USD 600 K in a pre-seed round led by Algebra Ventures.
Feature photo courtesy: Aionys