iFix, an Egyptian on-demand mobile phone repair startup, announced that it has raised an undisclosed six-figure investment from a tech investor A15
The new investment would be used to invest in a recently launched used phone online classifieds platform, Gadded.
Through the platform, sellers will receive an instant valuation of their phone, a fair price without negotiation hassle, safe data removal and instant payment. On the buyers’ side, perks include receiving a refurbished phone, one-year iFix warranty and tech support, quality assurance, payment plans based on installments, phone insurance and up to 50% off the phone’s original sticker price.
Founded in 2016 by Mohamed Fayez and Omar Galal, iFix is an Egyptian mobile device repair company headquartered in Cairo. According to iFix, it has completed over 50,000 phone repairs in the past four years, being recognized as one of Forbes’ top 20 most promising startups in Egypt in 2016.
“Phones have become such an integral part of our everyday life, it’s almost like they have become part of our DNA,” Chairman of iFix Mohamed Fayez says. “That is why we are excited about this investment and expansion as we continue to make the tech gadgets and phones more accessible to the Egyptian consumer.”
“Electronics” is the most penetrated e-commerce category in the region in terms of total retail sales at 16% in 2017, up from 10% in 2014, according to Bain and Company and Google reports, while Google search queries related to electronics in MENA have grown by nearly 30% over the past three years.
“Nearly 70% of online shoppers in the GCC and Egypt have bought electronics online at least once,” CEO of A15 Fadi Antaki says. “Hence, the market is a ripe space for Gadded’s novel value proposition and its unique add-ons.”
A15 is an entrepreneurial company that creates and invests in digital products and technology brands; aspires to empower the human race to overcome its limits and expand its capabilities. It generates a year-on-year growth of 30% and an annual revenue of US$158 million through its 17 portfolio companies operating in 16 countries in MENA and more than 1,000 employees.
