- Egypt-based social e-commerce platform Taager has raised $6.4 million in a Seed round led by 4DX Ventures, with participation from Raed Ventures, Beco Capital, Breyer Capital, and private investment from Wael Nafee and Careem co-founder Magnus Olsson.
Founded in December 2019 by Abdelrahman Sherief, Ahmed Ismail, Ismail Omar and Mohammed Elhorishy, Taager provides online sellers and traders with a complete suite of backend and integrated services, from operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products.
This round brings Taager’s total investment to date to more than $7 million.
The new capital raised will be deployed to expand Taager’s operations and talent pool, as well as enhance its presence across Egypt and worldwide.
Taager, the Egyptian social e-commerce platform empowering online merchants with end-to-end logistics, has secured $6.4 million in a Seed round, led by 4DX Ventures, a pan-Africa focused venture capital firm. The round included participation from Raed Ventures, Beco Capital, Breyer Capital, and private investment from Magnus Olsson and Wael Nafee. This is Breyer Capital’s first investment in the Mena region and the round brings Taager’s total investment to date to more than $7 million since launching in December 2019.
Taager is a social e-commerce marketplace that provides online sellers and traders with a complete suite of backend and integrated services, from operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products, connecting sellers with wholesalers. The company uses technology, AI and data science to enable first time sellers to start and scale their online business seamlessly with relatively low risk. It offers a transparent pricing structure and an enhanced product selection process, freeing online sellers to focus on running their business while Taager handles the end to end operations. The company’s Gross Merchandise Value (GMV) has grown at a rate of around 40 per cent month-on-month since it launched.
The new capital raised will be deployed to expand Taager’s rapidly growing operations and presence across Egypt and worldwide. The company also plans to scale and boost its technology and expand its world-class talent pool. The company is currently actively hiring across all levels.
Commenting on Taager’s growth ambitions, Mohamed Elhorishy, co-founder and CEO at Taager, said: “Small and medium-sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the Mena region.
“The pandemic has accelerated the growth of e-commerce rapidly and in a relatively short time span and has driven our platform to a market-leading position. This was no easy feat in one of the toughest markets to operate in. We are excited to have some of the leading investors in the world back our vision as we look to scale and grow our platform across the region. We have world-class talent in our team and we are looking forward to taking the business to new heights in the coming months.”
Peter Orth, co-founder and managing partner at 4DX Ventures, added: "The Taager team have achieved very impressive results incredibly quickly, and also built one of the most impressive teams in the ecosystem. Their focus on quality and execution, and a very unique approach to empowering e-commerce entrepreneurs is a dominant combination. We’re thrilled to partner with the team in the next phase of the company’s growth."
The global social market is rapidly growing, and with over 1.25 million online social sellers in Egypt alone, the Egyptian social e-commerce market is forecast to be worth more than $14.8 billion by 2024. Taager is well-positioned to serve this growing market and plan to strengthen its capabilities to offer its solutions to millions of users.