Sprint raises six-figure in seed funding
Cairo-based logistics startup Sprint has raised six-figure (USD) seed funding from an angel investor, the startup told MENAbytes today without disclosing the amount or name of investor. Sprint said that the investment came at a pre-money valuation of $1.25 million.
Founded last year by Mohamed Deif, Sprint offers last-mile delivery solutions to ecommerce merchants with a focus on micro-merchants with the monthly volume as low as 30 orders a month.
Mohamed Deif, in a conversation with MENAbytes, said that they’re using a hybrid model with 40 percent of couriers being their own salaried employees who are using vehicles owned by Sprint, 40 percent being freelancers (for these freelancers, Sprint is facilitating a financing program with the help of banking partners allowing them to buy bikes and pay for them in installments of three years), and the rest of 20 percent being the courier companies that could serve the areas (including international markets) where Sprint doesn’t have any presence.
Sprint’s entire delivery process is technology-enabled with a delivery management system that offers location tracking and automated notifications for customers, and a dashboard for keeping an eye on all their orders.
The system can also be integrated with major ecommerce platforms including Shopify and WooCommerce.
Sprint said that it is currently providing its services to businesses in Cairo plans to use the latest investment to expand to Alexandria, Mansoura, Port Said, and Suez. The startup currently offers next-day delivery service for all the orders that are supposed to be delivered in Cairo and also collects cash on behalf of its merchants from their customers.