- Egypt's Capiter, a B2B e-commerce startup, has opened a new office in Dubai.
- Capiter recently raised a $33 million Series A round, co-led Quona, MSA capital and Savola, with participation from Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
- Founded by Mahmoud Nouh, Capiter connects over 50,000 merchants to thousands of global and local merchants, and currently boasts 7,000 stock-keeping units (SKUs) on its platform.
Capiter, a Cairo-based B2B e-commerce marketplace that brings together Manufacturers, wholesalers, and retailers on one platform, announced the opening of its new office in Dubai, UAE.
The announcement marks the first step in the company’s plan for regional expansion and penetration of Arab markets, and a few weeks after raising an investment of $33 million in its first funding round which was led by a number of major companies and investors, namely Capital Quona, MSA Capital, Savola; in addition to Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
Mahmoud Nouh, founder and CEO of Capiter commented on the announcement saying, “Capitalizing on our proven successful model developed and refined in Egypt, which is one of the largest retail markets in the region, Capiter is embarking on its regional and international expansion plans starting with the Dubai office. The new opening will positively impact the company’s position and presence in the startup ecosystem both regionally and globally, providing our employees with the opportunity to work and interact with different markets and attract strong investments and new financing.”
The company’s presence within the Dubai International Financial Centre (DIFC) zone allows it to be at the center of the region’s financial leaders and investors. The new office has already been up and running for 6 weeks, today, and already has 30 employees operating on its premises.
“Our plans for regional expansion goes in parallel with our local growth perspective as we gear up to open a new office in Cairo soon. Our teams will be fully onboard across all offices to ensure smooth operations for all our stakeholders,” Mahmoud added.
According to the CEO of the Information Technology Industry Development Agency (ITIDA), Egyptian start-ups have attracted investments valued at $400 million during 2021, reflecting investors' increasing confidence in Egyptian entrepreneurs and their technological innovations. Egypt has been witnessing unprecedented growth in fintech solutions in line with the nation-wide strategy to transform Egypt into a digital society.
Capiter provides micro, small, medium and enterprise (SME) businesses with a single platform that allows retailers to order a wide range of inventory, obtain delivery, and access an embedded BNPL solution all from a single platform. Using cutting edge technology and machine learning, the Capiter solution also helps brands and manufacturers to gain critical insights into the markets they serve, enabling them to access real data to refine their distribution strategies and increase efficiencies.
At a growth rate of 11 times on a year-over-year basis, Capiter provides its services in Egypt through a well-trained team of more than 1500 employees with a network of more than 50,000 merchants and more than a thousand of global and local manufacturers, as well as a fleet of more than 500 trucks that offer more than 7,000 products through its platform.
Within only one year of launching its business, Capiter was able to secure a distinctive position on the map of the most prominent startups in the Egyptian scene; expanded its business in five Egyptian governorates, namely Cairo, Giza, Alexandria, Qalyubia and Beheira; and is currently preparing to expand in five other governorates within the coming period aiming to cover all of Egypt's governorates by the end of next year.