Egypt’s Capiter raises $33mln with Saudi participation

Capiter was established in July 2020, to connect merchants and small and medium-sized companies directly with suppliers

  
An employee counts U.S. dollar bills at a money exchange office.

An employee counts U.S. dollar bills at a money exchange office.

REUTERS/Mohamed Abd El Ghany.
 
RIYADH: Egypt’s FMCG e-commerce platform Capiter said it had raised $33 million in an initial funding round led by a number of companies and investors including Capital Quona, and Saudi Savola, Al Arabiya reported.

Investors also include MSA Capital, Shorooq Partners, FoundationVentures, Accion Venture Lab, and Derayah Ventures.

This is the first investment of its kind for Quona in Egypt, and it is also the first time in the MENA region that a food and fast-moving consumer goods company has invested in an e-commerce platform through Saudi Savola’s participation.

This funding round comes as part of Capiter’s efforts to support and expand its financial and digital services in the field of e-commerce between companies and to expand the company's business to cover all parts of Egypt and the Middle East and North Africa by 2022.

Capiter was established in July 2020, to connect merchants and small and medium-sized companies directly with suppliers through an application that provides a service to customers so that they can place a purchase order and request a delivery service in addition to providing an electronic payment mechanism.

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