Mazaya Raises A $5m Pre-Seed Round
The Egyptian B2B e-commerce marketplace empowers retailers and merchants of electronic goods and home appliances by enabling them to efficiently procure inventory for their stores through its app. It also gives them access to value-added services.
Mazaya has raised a US$5 million pre-seed funding round to scale its operations in Egypt and expand into new markets and verticals. Since its launch, the startup has worked with over 6,000 retailers, fulfilled 30,000 orders, and achieved a gross merchandise value of US$15 million. It currently has over 1,000 SKUs on its platform.
According to Mazaya, Its US$5 million pre-seed was led by Raya Trade & Distribution, a subsidiary of Raya Holding for Financial Investments, and will be used to scale within Egypt and expand internationally. The startup is also considering moving into other verticals.
Amir Aboul Fotouh, Mazaya co-founder and head of operations said: “We are humbled and excited to continue transforming the electronics distribution business and value chain while empowering all retailers and merchants. We are also thrilled to have strategic investors with extensive experience in electronics retail, distribution, and logistics, such as Raya. The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt. We have plans to launch our services in Nigeria before this year-end.”
Mazaya also plans to offer financial services and support to its retailers to help them scale their business by offering various credit facilities and flexible payment terms based on their payment history, in addition to helping them manage their financials easily by offering collection and payment services.
Bassem Megahed, CEO of Raya Trade and Distribution said: “As leaders in the fields of trade and distribution over the years, we are proud to invest in this ambitious platform that revolutionized the industry by providing the highest level of services to merchants in collaboration with their success partners.”
“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Megahed added.