Egyptian startup ILLA, an FMCG delivery logistics marketplace, has raised a US$500,000 seed funding round to help it further expand its operations in the local market.
Launched through the Flat6Labs Cairo accelerator in March 2019, ILLA caters for corporates and SMEs, providing full-fledged transportation and logistics solutions tackling major pain points unique to the FMCG industry.
The startup has now raised a US$500,000 seed funding round to help it further capitalise on its position as a leader in the FMCG delivery logistics industry in Egypt, driving further local expansion as well as exploration of regional markets for further growth.
The funding comes from Averroes VC, AUC Angels, and a consortium of local and regional strategic angel investors, with follow-on investment from Flat6Labs Cairo.
“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,” said Dr Ahmed Alsharif, founding partner and chief executive officer (CEO) of Averroes Ventures.
“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,” said Mariam Kamel, manager of AUC Angels.