ⓘ Image Source: Agility.com | ExpandCart co-founders; Amr Shawqy (left) and Sameh Nabil (right)
▸ ExpandCart helps small businesses in MENA build online stores quickly and without technical expertise
▸ Agility recognises the investment in Expandcart as a move to expand into digital logistics and e-commerce space
Agility Ventures, the venture capital arm of the global logistics company Agility has recently invested an undisclosed amount in ExpandCart, a Cairo-based startup that enables entrepreneurs and small businesses to build online stores quickly and without any technical intervention.
Commenting over the investment round, Henadi Al-Saleh, Chairperson and the leader of logistics of Agility recognises the investment as a move to expand into digital logistics and e-commerce space.
“We think the potential of both digital logistics and e-commerce logistics is enormous. But to realize this potential, we also need to support the larger eco-system for digital trade. In other words, we need to go upstream,”
“Agility is investing more than $100 million in Shipa.com, a digital logistics platform that allows businesses and consumers to manage freight, e-commerce and urban deliveries online. The ExpandCart partnership helps get more businesses trading across borders in the first place.”
ExpandCart has a userbase of over 10,000 sellers having received over 190,000 orders. Apart from store-building tools, the startup also offers digital marketing tools, handling and fulfilment, a POS system, over 20 payment options integration, branded native mobile apps, and after-sale service.
Amr Shawqy, ExpandCart CEO and co-founder, said Agility’s investment and logistics expertise will help accelerate the company’s growth.
“The e-commerce sector is booming in the Middle East, and thousands of businesses are in position to expand their sales online. With help from Agility, our goal is to scale and support Middle East merchants throughout the entire e-commerce process,”
“Our engineers are continually working to provide innovative e-commerce solutions, and we have a substantial product roadmap for the coming period. With Agility behind us, we can unlock the incredible potential of the region, especially for its small businesses and entrepreneurs.”
According to the 2019 Bain & Company report E-commerce in MENA: Opportunity Beyond the Hype, the MENA e-commerce market reached $8.3 billion in 2017. With an average annual growth rate of 25%, e-commerce in the region has been growing slightly ahead of the global average. The GCC and Egypt account for 80% of the e-commerce market, and they have been growing at a 30% annual rate, more than twice as fast as the rest of MENA.
On similar lines, Al-Saleh said…
“The Middle East retail market is worth more than $231 billion. And although e-commerce is just a small percentage today, the more that we create conditions that allow businesses to trade online, the more we will see e-commerce’s market share grow,”
“Agility Ventures will work closely with ExpandCart to help it grow and reach more customers,”
“In addition to funding, Agility will partner with ExpandCart’s team and offer the last-mile logistics and e-fulfillment expertise that is critical to successful online businesses.”