Egyptian logistics startup ILLA has secured a US$2 million seed funding round to boost its growth in the market and diversify its offering to the FMCG value chain.
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.
ILLA has secured over 65 clients, including household names like Coca-Cola, P&G, Danone, Nestle, Juhayna, and Pepsico, and raised US$500,000 pre-seed funding in November of last year. It has now bagged a US$2 million seed round to help it acquire more customers and expand its offering.
The round was co-led by Watheeq Financial Services and Golden Palm Investments, and also saw participation from LoftyInc Capital Management, Kepple Africa Ventures, Cubit Ventures, AUC Angels, Oqal Angel Network and Flat6Labs.
“ILLA will use the funds to fuel its expansion and growth in Egypt and disrupt the traditional route to-market for FMCG companies and SMEs, while building more around its tech platform to deliver more value to its clients and drivers alike,” said Mahmoud ElZomor, the startup’s co-founder and chief executive officer (CEO).
Khaled Zaidan of Watheeq Financial Services said the ILLA team brought decades of diversified experience to help drive efficiency into the US$15 trillion global FMCG market.
“With the onset of COVID-19, the global supply chain management industry is suitable for modernisation, and ILLA is uniquely positioned as an end-to-end execution platform. In addition, ILLA’s smart logistics solutions also play a crucial role in providing a full stack of operational solutions that will disrupt the sector, and will change the behaviour for all stakeholders within the FMCG market,” he said.