Egypt-based e-commerce startup Fatura, has closed a “seven-figure” seed round led by Egypt-based fintech fund Disruptech, with participation from EFG EV and Cairo Angels.
Founded in 2019, Fatura provides retailers in the fast moving consumer goods (FMCG) access to a network of wholesalers.
“Egypt has more than 5,000 wholesalers, investing heavily to build another one will not solve the existing inefficiencies at scale,” said Hossam Ali, co-founder and CEO of Fatura’. “Alternatively, we are on a mission to curate a network of 200-250 wholesalers across the country, digitally transform the way they work, and enable them to collectively lead the FMCG distribution business nationally.”
The company further plans to offer working capital loans to its retailers utilising the data derived from transactions to analyse retailers’ behavior and credit worthiness.
“Around 60 per cent of the current wholesale market in Egypt is through on-credit purchases. We will be the first player to unlock the opportunity of digitizing the lending cycle,” said Ahmed Anwar, Fatura’s co-founder and chief operating officer(COO).
“I have worked in the FMCG industry for more than 25 years in several markets, the challenge manufacturers face in markets where the wholesale channel represents more than 50 per cent of the ACV distribution, is how to ensure excellence of execution,” said Ahmed Al Bakary, Fatura’s co-founder and non-executive chairman.
Fatura also helps plug the sector’s data gap by making market intelligence reports available to FMCGs.
“’We are excited to lead Fatura’s investment round and we firmly believe in the opportunity that lies in the digitisation of the wholesale-retail relationship,”said Okasha, Disruptech’s fund manager and the co-founder of Fawry. “Disruptech sees Fatura playing an essential role to transform the market and we are committed to helping Fatura achieve its mission.”