Egypt-based e-commerce platform zVendo raised a six-figure US dollar seed funding round to support its bid to become a local e-commerce hub for the country.
Founded in 2018 by Sameh Abdel Fattah and Tarek Bakry, zVendo is an e-commerce SaaS platform that enables businesses to start selling online through various advanced sales channels.
The platform provides merchants and their customers with a localised experience that does not require any technical knowledge, and provides merchants with detailed sales and customer reports, along with marketing and e-commerce tools and integrations with different ERP and similar systems.
zVendo has now raised a six-figure seed round, with the participation of EFG EV Fintech and various undisclosed angel investors, which will support it in its bid to become the first local e-commerce hub in Egypt. It has already seen strong growth over the last year, expanding its support to all types of businesses with additional features exclusively tailored for each industry.
It has already started to expand regionally into the United Arab Emirates (UAE) and Saudi Arabia, and is targeting further international launches.
“The main reason why EFG EV Fintech is thrilled to be part of zVendo’s journey is the opportunity to enable more SMEs in the region to digitise their commerce activities in both affordable and effective ways. We believe that this partnership will act as a catalyst providing SMEs with a platform for growth in parallel with the government’s economic development and digitisation endeavors,” said Mahmoud El-Zohairy, chief executive officer (CEO) of EFG EV.