The Cairo Angels investment network has invested in Egyptian on-demand courier app Bosta, which will use the funding to increase its product offering and expand to other markets in the MENA region.
Founded last year, Bosta provides an on-demand courier app with a B2C focus, allowing businesses to send parcels to their customers. Businesses and customers can monitor their deliveries in real time and communicate with the courier along the way.
The startup plans to use the investment to increase its product offering and to grow to other markets. The Cairo Angels investment follows a previous investment by the Dubai-based Numu Capital.
“We are very pleased to have closed the Bosta deal and look forward to working closely with the team to help them to realise their full potential. We are very confident that Bosta can deliver a compelling solution to a very real problem that is clearly identifiable across emerging markets and beyond,” said Aly El Shalakany, chairman of Cairo Angels.
“We are very honoured to be part of Cairo Angels’ investment portfolio, and to have them believe in our vision. Our team is now ready to disrupt the logistics industry backed up by great investors and mentors,” Mohamed Ezzat, founder and chief executive officer (CEO) of Bosta, said.