Dukkantek, a provider of store management platforms based in the United Arab Emirates, announced it has raised $10 million in pre-Series A funding.
The company, which focuses on small and medium-sized retailers, said in a Monday (Aug. 15) announcement that it will use the funding to expand in the Europe, the Middle East and Africa (EMEA) region. The company already 13 million retailer clients in the UAE, Oman, Qatar, Kuwait, Bahrain, Turkey and Saudi Arabia, per the Monday (Aug. 15) announcement, as reported by Magnitt.
Founded in 2021 by Sanad Yoghi, Shadi Joulani and Ali Alsayegh in 2021, Dukkantek “offers advanced in-store boxes fitted with a seamless Point-of-Sales system that can be accessed online from anywhere in the world.” Features of the system include transaction monitoring, sales monitoring, VAT (value-added tax) calculation, report generation and profit-margin calculation. The suite also includes a cloud inventory management system.
The latest funding, according to Dukkantek, comes from BECO Capital, Rocketship and Colle Capital as well as Comma Capital, AMK Investment Office, Chaos Ventures and Wamda Capital.
Abdulaziz Shikh Al Sagha of BECO Capital said in a prepared statement: “It’s very rare to come across a business and team that have been able to execute how Dukkantek has done so far. Launching 7 countries in 18 short months since founding is no easy feat, yet the Dukkantek team has managed to do it in such a seamless and capital-efficient manner.”
According to Dukkantek, the company closed a seed round of $5.2 million in funding earlier this year.
Company executives told Forbes for an article published in May of this year that part of Dukkantek’s success has come from offering small and medium-sized businesses (SMBs) access to technology that typically is only within reach of larger rivals.