Egypt-based e-commerce, Teegara, has raised an undisclosed bridge round, led by Alexandria Angel Network with the participation of investors from Saudi Arabia, Egypt, and Jordan.
Founded in 2019 by Ahmad Kayyali and Nader Ibrahim alongside the first investor Ahmed Samir, the B2B marketplace provides merchants with household and FMCG products at competitive prices.
Teegara connects vendors directly to merchants through their digital ordering platform and mobile apps. The e-commerce startup offers vendors new distribution methods for increasing both margins and incomes for small merchants by decreasing the two-three circles between vendors and merchants, as well as providing credit lines and other financial aids.
Ahmad Kayyali, founder and CEO of Teegara.com said, “Teegara obtained a bridge round of financing from Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan. This round will be utilized in its expansion plan of the company by adding more verticals to its platform and hiring more sales and operations forces in addition to enhancing its technical capabilities. The company is preparing for its “Seed round” of financing during the second half of 2022 with VCs from the region.”
Alex Angels Investor, Ramy Gamal said, “we are pleased and excited to participate in Teegara’s new investment round following my participation in their first investment round last year. This comes as a reflection of my belief in the founders’ team vision, dedication, and the real socioeconomic value Teegara is offering to its customers. I’m so optimistic about seeing significant growth in Teegara after this round and inviting VCs to stay tuned and keep an eye on this startup.”
