Egyptian eCommerce fulfillment startup Mylerz is looking to expand following a $9.6 million in a growth funding round.
As Magnitt reported Wednesday (May 11), the round was led by Egypt’s Lorax Capital Partners, a private equity firm, along with Fawry, an ePayment company also based in Egypt.
“Our immediate plan is expanding across Egypt, opening new markets and facilitating cross-border trade for our customers,” said founder Samer Gharaibeh. “We have the right partners to make this happen and to grow our end-to-end logistics platform.”
Founded in 2019 and headquartered in Cairo, Mylerz provides same-day deliveries on behalf of its clients, while also letting its partners track orders, change destinations and delivery times, and glean insights into things like consumer behavior.
According to Gharaibeh, the company has 21 fulfillment center and plans to open a 25,000 square-meter hub to meet the demand for storage, order processing and last-mile deliveries.
“We operate a decentralized system, and these hubs, which are close to our customers, help us to consolidate the packages and dispatch for deliveries fast enough to meet our promise of same day delivery,” he said.
Mylerz said it also hopes to tackle the growing eCommerce market in East Africa, and eventually become a pan-African shipping logistics provider. As Mylerz moves into countries like Algeria, Tunisia and Morocco, Fawry, its payments partner, will join them to provide electronic payment and cash collection services, Magnitt said.
Read more: Kemitt Expands Egyptian eCommerce Offering with B2B Platform
The eCommerce firm’s funding round comes as a number of rivals in Egypt are looking to expand and take advantage of the flourishing Middle East/North Africa region.
In January, Egyptian social commerce platform Brimore ended a $25 million Series A round with plans to add products and suppliers and expand its app across Africa, double its headcount and boost its physical logistics capabilities by 2023.
See also: Egypt’s B2B eCommerce Fashion Startup Gahez Raises $2M in Pre-Seed Funding
Around the same time, Egyptian B2B eCommerce fashion startup Gahez raised $2 million in a pre-seed funding. The digital marketplace employs a data-driven approach to help fashion merchants sidestep procurement problems.
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