Bosta raises $6.7 million Series A round
- Egypt-based logistics and last-mile delivery company Bosta, has raised a $6.7 million Series A round led by global VC fund Silicon Badia, with participation from 4DX, Plug and Play Ventures, Wealthwell VC and Khawarizmi VC from KSA as well as other regional and global investors.
- Founded in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta provides a full-stack delivery solution for e-commerce companies.
- It currently serves more than 2,200 businesses, covering all of Egypt. Since its inception, the company has delivered more than four million parcels, half of which have been completed since the Covid-19 outbreak.
- Bosta claims to have a 95 per cent delivery success rate.
- With the fresh funds, the startup will be able to scale its operations as well as expand into the GCC. It targets delivering 15 million parcels in Egypt in the next two years, and reaches the 20,000 user mark.
Bosta, the market leader in ecommerce delivery in Egypt, today announced the close of a $6.7 million Series A round led by global VC fund Silicon Badia, with participation from 4DX, Plug and Play Ventures, Wealthwell VC and Khawarizmi VC from KSA and other regional and global investors.
Being in the parcel delivery industry, Bosta exists to help businesses, especially small ones, grow profitably. The very strong tech product that simplifies logistics allows its customers to have full control over the delivery process. Since its inception, the company has delivered more than four million parcels for businesses, 2.3 million since the novel coronavirus outbreak. More than 2,200 businesses use Bosta daily for its last-mile delivery and guaranteed next-day delivery that covers all of Egypt. The company has a 95 per cent delivery success rate.
“Solving the last mile delivery problem for ecommerce companies is very crucial for the ecommerce business to grow in Egypt and the Middle East. As a company, we are committed to helping the ecommerce sector grow by providing them with speedy delivery, quality, and exceptional service—all while making sure our prices are one of the most competitive to help them with their tight unit economics and help them grow a profitable business. At Bosta, with our customer-driven approach and finding tech-driven solutions, we make sure that we are able to hit the three pillars while keeping our costs as low as possible,” said Mohamed Ezzat, Founder and CEO of Bosta.
Bosta will use the investment to target delivering more than 15 million parcels in Egypt in the next two years. Apart from serving more than 20,000 businesses, they will also expand their operations in the GCC.
“Ecommerce has always had amazing potential in our region but was always being held back by something whether payments, logistics, market fragmentation, or customer adoption. We are excited to finally see companies like Bosta emerge to tackle some of these issues and help ecommerce realize its full promise and potential in a region that has now ‘turned on’ digitally,” said Dr. Fawaz, Founder and CEO of Silicon Badia.
“We are really impressed by what Mohamed, Ahmed, and their team have accomplished in a very challenging sector (logistics) and market (Egypt). Numbers speak for themselves and this company is on track to triple across its KPIs this year—all while maintaining a superior customer experience, something that is critical in this space,” said Namek Zu’bi, Co-Founder and Managing Partner of Silicon Badia.