Dubai - Numu Capital, a VC fund based in Dubai, announced its investment in Cairo based startup Bosta. The new startup is tackling the On-Demand Delivery market, which is worth $3 Billion in MENA region alone, and the team has an ambitious goal to take its crowdsourced instant delivery model globally.
Bosta was founded by a high caliber and experienced team; Y Combinator alumni Mohamed Ezzat is the CEO, Ahmed Gaber is the COO and Mohamed El-Houssainy is the CTO. Bosta is mainly focused at this stage on B2C instant delivery in Cairo, and has successfully on boarded a decent number of companies and delivered an ever-increasing number of packages.
The startup allows businesses to send packages to their customers with a push of a button through a mobile app in a time that does not exceed two hours. The businesses and customers can also monitor their deliveries real time and even communicate with the courier all over the way.
Bosta is witnessing an accelerating growth rate, and have started immediately deploying the investment funds to quickly capture market share. The founding team is expecting to raise another round in the next few months to take their business scale to the next level.
“We were impressed by the traction that was achieved by Bosta team in just a few months after launching. Our investment strategy is focused on early stage startups, and we are used to meeting companies that have not achieved much progress in terms of user engagement and revenue generation. Bosta was definitely an exception, and their achievement is a testament to the teams execution skills,” Jamal Al-Mutarreb said, the Managing Director of Numu Capital.
Numu Capital portfolio includes the market leading Real Estate portal in Egypt & Saudi, Aqarmap.com and the Saudi based Selvium.com, a boutique Perfume and Beauty eCommerce. Numu Capital’s unique value proposition to entrepreneurs is its friendly and quick deal cycle. The VC fund takes less than 30 days from initial pitch to wiring the funds to the startup’s bank account.
© Press Release 2017
