On Wednesday, Egyptian social e-commerce startup Taager announced it has successfully secured $6.75 million in a pre-Series B funding round.
The funding aims to propel its growth within the Middle East and North Africa (MENA) region and enhance its technical capabilities.
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Funding details and investors
Africa-focused tech growth fund Norrsken22 led the oversubscribed funding round. Endeavor Catalyst and Beltone VC also participated, along with existing investors 4DX Ventures, RAED Ventures, BECO Capital, and Breyer Capital.
Taager plans to utilise the fresh capital to refine its data insights and tools for social sellers, expand its product selection, and scale its team.
Nivesh Pather, principal at Norrsken22, highlighted Taager’s transformative impact on e-commerce in the MENA region. The startup empowers thousands of entrepreneurs with the necessary tools, insights, and infrastructure to build and expand their businesses.
He expressed enthusiasm about partnering with Mohamed and his team as they embark on Taager’s next growth phase, stating, “This team has been exceptional in being able to successfully navigate scaling into multiple markets profitably, including Saudi Arabia.”
Taager’s mission and operations
Founded in December 2019, Taager operates as a social e-commerce marketplace, offering online sellers a suite of integrated backend services
These services range from operational and logistical infrastructure, such as storage and shipping, to an online marketplace that hosts their products and connects them with wholesalers.
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Taager leverages technology, AI, and data science to enable first-time sellers to start and scale their online businesses with minimal risk. The platform offers transparent pricing and aims to streamline product selection, allowing sellers to focus on business operations while Taager manages end-to-end processes.
Taager operates in Egypt, the United Arab Emirates (UAE), Saudi Arabia, and Iraq, serving over 45,000 online social sellers.
Mohamed Elhorishy, co-founder and CEO of Taager, stated: Taager has created its category, which means we have spent the past five years building social commerce fundamentals from the ground up. In the past two, we have refined the business, becoming more capital efficient, scalable and improved our core unit economics. Now it’s time to scale. We have laid the groundwork to enable us to grow five times within the next few years.
Taager’s platform enables individuals to launch and scale their own online businesses by managing product sourcing, warehousing, shipping, and payment collection.
The company focuses on empowering women, young people, and low-income earners to achieve financial independence. It claims to have increased the profitability of its merchants by an average of 2.5 times.