Egyptian E-commerce Platform Kenzz Secures USD 3.5 Mn Seed Funding

Kenzz, an e-commerce platform bringing shopping to the mass market in Egypt and MENA, is announcing that it has raised USD 3.5 Mn in seed funding. U.S.-based and MENA-focused venture capital firm Outliers Venture Capital led the round with participation from HOF Capital, Foundation Ventures, and Samurai Incubate.

Kenzz is taking a B2C approach as it removes the middleman/resellers, sources products directly from local manufacturers and offers them to consumers. The platform also gives consumers discounts of up to 65% when they make collective purchases with friends and family. Group orders can also be sent to single locations to reduce consumer delivery fees and logistics costs. The company plans to use the seed round to grow its product categories, widen the product categories on its platform, hire talent and invest in tech as it launches its app.