Fincart.io, an innovative logistics startup based in Egypt, has made significant strides in the e-commerce sector by launching a platform designed to assist small and medium-sized businesses (SMBs) in enhancing their shipping processes and unlocking vital working capital.
The company proudly announced today the successful closure of its pre-seed funding round, although the specific amount raised remains undisclosed. This funding round was spearheaded by Plus VC, recognized as the most active venture capital firm in the MENA region, and saw participation from a host of prominent regional and international investors, including Plug and Play, Orbit Startups, Jedar Capital, and several other notable investors.
The capital raised will be instrumental in advancing Fincart.io’s technological infrastructure, expanding its courier network, and bolstering the rapidly growing e-commerce landscape across Africa and the Middle East. Fincart.io is strategically addressing significant shipping challenges within a market that holds immense growth potential, particularly as e-commerce logistics is already valued in the billions of dollars.
Founded in 2023 by Mostafa Elmasry and Nihal Ali, Fincart.io was established to tackle the persistent issues of unreliable shipping that often impede the growth of e-commerce SMBs. The platform is designed to streamline operations for online sellers by providing cost-effective and efficient delivery solutions, along with rapid access to working capital.
Mostafa Masry, co-founder and CEO of Fincart.io, expressed his enthusiasm about the funding, stating;
We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region. Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region.
Fincart.io’s mission is to empower small and medium online sellers by offering a seamless platform that allows them to connect their websites, manage orders, tap into Africa’s largest courier network, and access working capital. The company has experienced remarkable growth, achieving a fourfold increase year-over-year, which is a testament to its effectiveness in addressing critical challenges faced by online sellers throughout the region.
With projections indicating that the e-commerce market in Africa and the Middle East could reach $75 billion by 2028, encompassing over 4 million small and medium-sized online sellers, Fincart.io is well-positioned to meet the pressing demand for efficient and integrated shipping solutions. By consolidating the largest network of shipping partners into a single platform, Fincart.io provides sellers with unmatched convenience and scalability.
Nihal Ali, co-founder and COO of Fincart.io, highlighted the company’s strengths, stating;
Fincart.io’s impressive growth and strong merchant and courier networks underscore our leadership in e-commerce logistics. Our platform enhances SMBs’ delivery performance through a courier recommendation engine, consolidated payments, and exclusive shipping rates. Merchants benefit from improved efficiency, comprehensive coverage, and tools designed to facilitate growth and seamless scaling.
Hasan Haider, Founder and Managing Partner of Plus VC, commented on the investment, saying;
We are proud to back Mostafa, Nihal, and the team as they tackle one of the most critical challenges in e-commerce logistics. Fincart.io’s innovative platform empowers SMBs to overcome logistical barriers and scale seamlessly. With exponential growth and a deep understanding of the market, Fincart.io is well-positioned to become pioneers in this field and an indispensable partner for SMBs across the region.
William Bao Bean, Managing General Partner at Orbit Startups, added;
E-commerce in MENA is taking off, set to exceed US$50 billion this year. Small businesses that want to sell online need efficient shipping to sell profitably. We believe Fincart will be able to elevate e-commerce fulfillment for both merchants and carriers, providing financing solutions that empower merchants across the region.
Sherif Nessim, Founder & Managing Partner of Jedar Capital, remarked;
E-commerce is one of the fastest-growing sectors in the Middle East & Africa. Logistics and delivery delays remain significant challenges that affect customer satisfaction. It was very clear to me how Fincart’s data-driven approach can play a pivotal role in addressing these challenges, making them a go-to solution for businesses seeking reliable shipping options.
As Fincart.io accelerates its mission to transform e-commerce logistics, the company remains dedicated to equipping merchants with the essential tools they need to scale effortlessly in an ever-expanding market.
