Egyptian startup Fincart announced it had closed a pre-seed funding round on Monday led by Plus VC, with participation from Plug and Play, Orbit Startups, and Jedar Capital.
The amount of funding which remains undisclosed will enable Fincart to enhance its technology, expand its courier network, and meet the growing demand for efficient logistics solutions across the Middle East and North Africa (MENA).
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Fincart’s mission to simplify e-commerce logistics
Founded in 2023 by Mostafa Elmasry and Nihal Ali, Fincart addresses the logistical challenges SMBs face in the e-commerce sector. With the rapidly growing e-commerce market in Africa and the Middle East, projected to reach $75 billion by 2028, Fincart is focused on offering affordable, streamlined shipping solutions and improving access to working capital for online sellers. The platform connects e-commerce websites with Africa’s largest courier network, enabling businesses to manage orders and enhance delivery efficiency.
“Closing this funding round signifies the readiness of the market for better logistics solutions,” said Mostafa Elmasry, CEO of Fincart. The company’s year-over-year growth, alongside strong word-of-mouth referrals, demonstrates its effectiveness in solving critical shipping issues for e-commerce businesses. With this funding, Fincart will be able to further develop its platform and support SMBs in scaling their operations with more cost-effective and scalable logistics solutions.
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Enhancing e-commerce logistics through technology
Fincart’s platform stands out in the crowded e-commerce logistics space by offering a range of value-added features. These include a courier recommendation engine, consolidated payment systems, and competitive shipping rates designed to make shipping operations smoother and more cost-efficient for SMBs. The platform’s extensive courier network, coupled with its data-driven approach, has made it a reliable partner for businesses looking to expand their reach across the MENA region.
“We believe Fincart is poised to revolutionise e-commerce logistics, empowering SMBs to overcome operational barriers,” said Hasan Haider, Founder and Managing Partner of Plus VC. The backing from leading investors underscores Fincart’s potential to become a key player in the region’s rapidly expanding e-commerce market, positioning itself as a go-to solution for efficient and integrated logistics.
With the support of its investors and a clear strategy to improve shipping operations for millions of SMBs, Fincart is well-positioned to accelerate the growth of e-commerce in the MENA region.