Mobile Masr raises $500,000 Seed round
- Egypt-based e-commerce platform Mobile Masr has raised a $500,000 Seed round from a group of angel investors based in the UAE and Qatar, in partnership with Intercap Capital Investment Bank.
- Founded in 2021 by Wael El Ashry, Mobile Masr offers a marketplace for used mobile phones and electronics, with a range of payment options and country-wide delivery.
- The startup plans to use the funds to scale its operations while expanding to new business categories and verticals.
MobileMasr raised $500,000 in a seed round, the round witnessed participation from prominent angel investors in the UAE and Qatar in the media and telecom industry in partnership with Intercap Capital Investment Bank.
The funds will be used to further consolidate MobileMasr’s presence as an e-commerce portal specializing in the sale of used mobile phones and tablets while expanding further with the launch of new innovative products and services.
“Lack of trust is the biggest barrier to buying used phones online. By designing and developing mobile diagnostics software that checks and reports on the phone, we solved that problem on a commercial level, MobileMasr offers the transparency and security that was lacking in the online used phone space,” Wael El Ashry, Founder and CEO of MobileMasr, said.
MobileMasr was founded in 2021 by Wael El Ashry, as a deep-tech e-commerce marketplace dedicated to the sale of used and new mobile phones and tablets with a host of supporting services. The platform offers various payment solutions and nationwide shipping.