Tech in Africa
ExpandCart, a Cairo-based e-commerce platform builder has raised $2.7 million in a pre-Series B bridge funding round led by Hong Kong-based Betatron Venture Group alongside participation from Sawari Ventures in Egypt and Agility Ventures from Kuwait. ExpandCart is an e-commerce platform builder claiming to have served 25,000 merchants across Egypt, Saudi Arabia, Kuwait, the UAE, and Kuwait.
Founded in 2016, ExpandCart operates across the Middle East and North Africa with customers across 40 countries with a 25,000 client merchant base that managed to rake in over $850 million GMV through its platform. The new round of funding will fuel ExpandCart in current markets, focus on R&D technology building while offering new products that enable a million merchants within the next three years across MENA.
ExpandCart is working towards kick-starting a new financing round dedicated to market expansion and developing a comprehensive ecosystem for commerce products and solutions. ExpandCart co-founder/CEO Amr Shawqy said that with the new round they look to be more “customer-centric than ever”, “build world-class operations” and continue creating a comprehensive suite of “products to help our merchants succeed.”
