Egypt’s Fincart secures pres-Seed round led by Plus VC
Fincart.io, a platform that helps e-commerce SMBs improve shipping and unlock working capital, has announced today that the company has successfully closed its pre-seed funding round for an undisclosed amount. The round was led by Plus VC, the most active VC in the MENA, with participation from leading regional and international investors such as Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
The newly secured funds will help improve Fincart.io’s technology platform, grow its courier network, and support the fast-growing e-commerce market in Africa and the Middle East. Fincart.io is tackling major shipping challenges in a market with huge growth potential, as e-commerce logistics is already worth billions of dollars.
In 2023, Mostafa Elmasry and Nihal Ali launched Fincart.io to solve the unreliable shipping challenges that hinder e-commerce SMBs from scaling. The platform streamlines operations for online sellers, offering affordable, efficient delivery solutions and quick access to working capital.
"We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region,” said Mostafa Masry, co-founder and CEO of Fincart.io. Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region.”
“At Fincart.io, our strategy is to empower small and medium online sellers to scale through a seamless platform. They can connect their website, manage orders, access Africa’s largest courier network, and unlock working capital. Our 4x year-over-year growth and strong organic referrals prove stand as testament that we are solving critical challenges for online sellers across the region.”
With the e-commerce market in Africa and the Middle East projected to reach $75 billion by 2028, spread across over 4 million small and medium-sized online sellers, Fincart.io is poised to address a critical need for efficient and integrated shipping solutions.By unifying the largest network of shipping partners into a single platform, Fincart.io empowers sellers with unparalleled convenience and scalability.
"Fincart.io’s impressive growth and strong merchant and courier networks underscore our leadership in e-commerce logistics," said Nihal Ali, co-founder and COO of Fincart.io. "Our platform enhances SMBs' delivery performance with a courier recommendation engine, consolidated payments, and exclusive shipping rates. Merchants benefit from improved efficiency, full coverage, and tools to drive growth and scale seamlessly."