Tech in Africa
Capiter, a Cairo-based B2B e-commerce startup has completed a $33 million Serie A in a round co-led by Quona Capital and MSA Capital which was accompanied by other investors such as Savola (a MENA food and retail sector strategic investor fund), Shorooq Partners (an Abhu Dhabi-based seed-stage venture capital fund), Foundation Ventures (an early-stage venture capital), Accion Venture Lab (microfinance and fintech impact investing player), and Derayah Ventures (a Riyadh-based VC fund).
Capiter gives SME businesses a single platform to order a wide range of inventory, obtain delivery, and access financing from a single platform. The company offers cutting-edge technology and machine learning, whose solution helps brands and other manufacturers to achieve critical insights on all markets they serve. This provides access to real data while refining the distributions strategies and increasing efficiency.
Capiter was launched by entrepreneurs Mahmoud Nouh and Ahmed Nouh in July 2020. This funding comes only three weeks after Swvl closed a $1.5 billion SPAC deal sealing his position as a founder of two of the region’s biggest startups. The duo has come up with a world-class team that brings together exceptional expertise.
Mahmoud Nouh (CEO and Co-founder) expressed pride to have “built such a sophisticated solution in such a short amount of time.” Ahmed Nouh, the COO pointed out how the startup is “ well-placed to scale geographically.”
The investment into Capiter was the first by Quona Capital. Monica Brand Engel, the Managing Partner at Quona Capital attributed the investment to the company’s “embedded finance model”, “expertise and strong user engagement”, and the “impact on the financial lives of SMEs.”
Source: Wamda
Quona is excited to announce that we've co-led a $33M Series A for B2B E-commerce platform #Capiter, marking our 1st investment in Egypt! 🇪🇬
Capiter solves 3 key pain points for merchants:
⌛️ Inconvenience
🚫 No transparency
💰 Barriers to working capitalhttps://t.co/5Ecsoy6Sha— Quona Capital (@QuonaCapital) September 13, 2021
