Cairo, Egypt-based ILLA, a middle-mile and last-mile logistics startup, on Tuesday, raised $500,000 in a seed funding round led by Averroes VC and AUC Angels, with participation from a consortium of regional strategic angel investors.
Launched last year by Mahmoud El-Zomor, Alaa Jarkas, Ahmed Sakr, and Hossam Saraya through Flat6Labs Cairo accelerator, ILLA offers delivery solutions to corporates and SMEs dealing in FMCG sector. The company in a statement said that the fresh funds will be deployed towards expansion and exploration of the regional markets and enhancing customer experience.
At present, the company operates within 24 governorates in Egypt and claims that it has delivered 7 million cases until now.
Speaking of the development, Dr. Ahmed Alsharif, founding partner & CEO of Averroes Ventures, said,
“We at Averroes are always on the quest of backing up exceptional startups and we have established this earlier in the logistics technology domain. We believe in ILLA’s vision in providing high quality customised distribution solutions and in the value of its offering in serving FMCGs in an innovative and effective manner. ILLA’s exceptional team of diversified backgrounds are surely capable and well equipped in becoming a key player in the future of the logistics technology industry,”
Mariam Kamel, manager at AUC Angels, stated,
“The ailing logistics and delivery sector is at a turning point, with ILLA well-positioned due to their solid team, unique market know-how, and the strength of their solution. We are really pleased to support their growth and be a part of this round,”
Marie-Therese Fam, Managing Partner of Flat6Labs Cairo added,
“ILLA joined Flat6Labs Cairo Spring 2019 Accelerator Program. As early-stage investors, Flat6Labs primarily invests in people, ILLA’s founding team demonstrated from day one that they are an A team. Their dedication, extensive experience in the logistics & Multinational FMCG industries, and more importantly their insightful vision were assuring signs of great success ahead,”
“Flat6Labs is reinforcing its belief in ILLA and the team by joining the second round of investment in the company, in order for ILLA to continue to grow its business operations, to serve new markets/segments and introduce new technologically-enabled solutions. Flat6Labs Cairo is confident in ILLA’s future plans and their ability to fulfil them. We wish the team continued success.” Marie continued
The startup’s clients include multinationals such as CocaCola, P&G, Nestle and Pepsico alongside other local enterprises.