4. Zid
Saudi Arabia-based e-commerce specialist Zid has raised $50 million in a Series B funding round led by IMPACT46 with participation from new investors, Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst.
Previous backers Global Ventures, Elm Company, Arzan and MSA were also involved.
This is the third round of investment Zid has received since the business was founded in 2017, and follows a Series A round of $7 million in March 2021 led by Global Ventures.
The proceeds will be used to expand into new markets in Saudi Arabia and in the region, enter new retail verticals, plus digitising and automating more retail solutions.
5. Kenzz
Kenzz, an e-commerce startup focused on the Egypt and MENA markets, has completed a $3.5 million seed fund raise involving the likes of Outliers Venture Capital, Foundation Ventures, and Samurai Incubate.
Proceeds will be used to recruit new talent, grow product categories and assemble a wide variety of products to meet different consumer segments’ preferences and tastes.
The company also plans to invest in technology and shortly launch its new app.
Ahmed Atef, CEO at Kenzz, says: “The time is ripe to fully optimise e-commerce in Egypt and MENA. We have designed Kenzz to appeal specifically to people not yet convinced that e-commerce is a practical and mainstream mode of shopping.”
“We are revolutionising the shopping experience to deliver relevancy, convenience, trust and value, and look forward to the future with great confidence.”
Sarah AlSaleh, Partner at Outliers Venture Capital, comments: “Kenzz is solving two key issues that current e-commerce incumbents are not addressing: affordable and reliable last mile logistics and an uncompromising customer trust philosophy.”
“The diversity and depth of Kenzz’s founding team strongly positions them to combine a multitude of experiences and expertise into creating a category-defining company and e-commerce champion for Egypt.”
6. MaxAB
Egypt-based food and grocery B2B e-commerce platform, MaxAB, has closed a $40 million pre-Series B equity round involving Silver Lake, British International Investment (BII), and DisruptAD, ADQ’s venture capital spin off, with participation from existing investors, Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital.
The new investment will boost its plans for further geographic expansion, including full coverage of Morocco by the end of 2023 and entry into Saudi Arabia. It will also be used to grow its e-commerce arm and the FinTech part of its business.
Amer Al Ameri, Head of Venture Capital and Technology Investments at ADQ, says: ‘MaxAB are building technology driven products and services that solve challenges around better integrated, efficient, reliable grocery supply chains for the MENAP region.”
“In digitising the vastly traditional, multi-layered and fragmented food and grocery sector supply chain, they have broken the mould and presented a domino effect of opportunities, one of which is the launch of the FinTech vertical.”
“We are happy to be embarking on this journey with MaxAB and are looking forward to providing strategic guidance for continued growth and impact.”