On the back of a $33 million funding round, the startup is poised to fulfill its ambitious regional expansion plans.
Egyptian e-commerce platform, Capiter, has announced the opening of a new office in Dubai as part of its regional expansion plans into new Arab markets. The move comes off the back of a $33 million funding round led by a number of investors including Capital Quona, MSA Capital and Savola, in addition to Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
The Cairo-based B2B marketplace brings together manufacturers, wholesalers and retailers on one platform, streamlining processes between the three. Buoyed by its success in Egypt and the backing of investors, founder and CEO, Mohamed Nouh, feels now is the time to take what has been a successful model in Egypt regional.
“The new opening will positively impact the company’s position and presence in the startup ecosystem both regionally and globally, providing our employees with the opportunity to work and interact with different markets and attract strong investments and new financing,”
At a growth rate of 11 times on a year-over-year basis, Capiter’s services in Egypt take on the help of a team of 1,500 employees, 50,000 merchants and over 1,000 global and local manufacturers. Their fleet includes more than 500 trucks offering 7,000 products through the platform.
The new office has been running for six weeks at the Dubai International Financial Center (DIFC), positioning it in the center of the region’s finance and investment zone.