An Egyptian mass e-commerce firm known as Kenzz completed a seed round of funding totalling $3.5 million. The round was led by Outliers Venture Capital, HOF Capital, Foundation Ventures, Samurai Incubate, and a few angel investors.
The money the Egyptian startup raised will be used to keep hiring top-tier talent; expand product categories and put together a wide range of products to meet the needs and tastes of different consumer groups; invest in technology; and get the company’s newest app ready for release soon.
Kenzz is a leading and trustworthy mass e-commerce solution that was established this year by Ahmed Atef, Mahmoud AlSilk, and Moataz Sami. Kenzz serves the masses across Egypt and the rest of Mena. Kenzz’s customer-centric platform digitizes the traditional offline experience, making it more interesting, enjoyable, and social for users—across all customer touchpoints—and offering discounts of up to 65% in the process.
High Internet usage rates and shopping data that are already available hide the fact that e-commerce in Egypt and Mena as a whole is not yet fully developed and optimized.
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Kenzz wants to sustain its business with the funds
The Kenzz business plan is based on sustainability rather than expansion at any cost or excessive cash burn. This choice was made intentionally. In this business strategy, things are sourced directly from the manufacturer or importer, and customers are offered deeper discounts when they share or buy things with their friends and family. Kenzz is able to get the greatest deals for its customers since they get their products directly from manufacturers and importers.
As a result of the exponential growth of viral referrals to Kenzz, the company’s acquisition expenses are falling at an even faster rate. It is also possible to send group orders to a single location, which will cut down on the delivery prices that customers pay as well as the logistics costs that Kenzz incurs.
Kenzz focuses on making online and offline shopping possible
Kenzz is helping to bridge the gap between traditional offline buying and online shopping by using a model that reflects the everyday behaviours and demands of the consumer masses and makes it easy to reach. It addresses the primary reasons that consumers are hesitant to make purchases online. These reasons include a lack of trust; the availability of deals; complexity; a transactional process that only goes in one direction; a lack of personalization; a lack of insightful relevance; and redundant technology.
The Kenzz idea helps small and medium-sized businesses (SMEs) and local manufacturers grow their businesses by giving them access to data, insights, and hard-to-reach potential end consumers.
“We are delighted to complete this seed fundraising, and we thank all of our investors for their support,” stated Ahmed Atef, the Chief Executive Officer of Kenzz. E-commerce in Egypt and the MENA region has reached a point where it is ready to be completely optimized. We have developed Kenzz to cater particularly to individuals who are not yet persuaded that internet shopping is a viable and common form of retail, and we have done so in order to appeal to them. We are changing the way people shop so that we can keep our promises of relevance, convenience, trust, and value, and we are very optimistic about the future.
According to Sarah AlSaleh, a partner at Outliers Venture Capital, “Kenzz is solving two key issues that current e-commerce incumbents are not addressing. These issues are an uncompromising customer trust philosophy and affordable and reliable last-mile logistics. As a result, Kenzz is in a great position to combine a wide range of experience and knowledge to create a category-defining company and an e-commerce champion for Egypt. This is because the founding team they have put together is both large and deep.
“We are thrilled to be partnering up with an amazing team that has a wealth of experience across technology, marketing, and operations to build the region’s first truly inclusive e-commerce platform,” Omar Barakat, the Managing Partner at Foundation Ventures, said in a statement. People are able to buy in groups and uncover additional value thanks to Kenzz, which is making the shopping experience more sociable. This takes advantage of the social character of Egyptians while also supplying them with affordable and dependable items. The Kenzz platform was designed with widespread accessibility in mind.