Fatura raises seven-figure seed funding to financially serve grocery stores

The funding was led by Egyptian fintech-focused VC Disruptech, along with other local investors such as EFG EV and Cairo Angels.

Fatura plans to become the largest e-wholesaler in Egypt and Africa, as it relies on an asset-light model that differentiates the app from the other players operating in the market, according to a press release on Magnitt.

Through its mobile application, Fatura connects curated wholesalers in the fast-moving consumer goods (FMCG) industry with the retailers to order the inventory for their stores.

Hossam Ali, co-founder and CEO of Fatura, commented, “We are on a mission to curate a network of 200-250 wholesalers across the country, digitally transform the way they work and enable them to collectively lead the FMCG distribution business nationally.”

Fatura was also founded in 2019 by Ahmed Anwar, Abdallah Moheb el Din, and later joined by Ahmed Al Bakary.

Anwar said, “Around 60% of the current wholesale market in Egypt is through on-credit purchases. We will be the first player to unlock the opportunity of digitizing the lending cycle.”

The startp also aims to expand into lending solutions by offering working capital loans to retailers that are part of its network.

Meanwhile, Disruptech’s Founding Partner Mohamed Okasha said, “We are excited to lead Fatura’s investment round and we firmly believe in the opportunity that lies in the digitization of the wholesale-retail relationship.”