Faylasof raises $500,000 pre-Series A
Amman-based online bookstore Faylasof has raised $500,000 as Pre-Series A funding from Saudi-based Wise Ventures, the startup told MENAbytes today. The startup before this round had raised capital from Amman-based Adam Tech Ventures, a VC firm founded by founders of leading Arabic encyclopedia Mawdoo3, and a UAE-based angel investor.
Founded by Mohamed Zatara in 2015, Faylasof currently sells over 2 million Arabic & English titles, shipping them all over the world with a focus on MENA. The platform features titles from over 4,000 publishers in nine countries and has its offices in seven countries across the region including Jordan, Lebanon, Egypt, United Arab Emirates, Kuwait, Saudi Arabia, and Qatar.
Falyasof claims to have sold over 50,000 books in the last twelve months, shipping them to over 72 countries.
Mohamed Zatara, the founder & CEO of Faylasof thinks that the direct integration option that it offers to publishers, allowing them to control their inventory and pricing, is an edge Fayalsof has over its competitors.
Faylasof plans to use the latest investment to continue building different tools with the aim of digitizing the relationship between authors, publishers, and stores.