Egyptian start-up Milezmore raises $5m to fuel growth
01 March, 2022
Egyptian end-to-end logistics service provider Milezmore raised $5 million from Brimore, one of the largest social commerce platforms in the country, the start-up said.
The funding will help the company to improve its technology, hire new staff and expand the existing infrastructure.
Milezmore will now be able to “blitz scale its cloud solutions through robust technology, expandable storage area, higher delivery capacity and double its team to enable a 50 times increase in its customer base”, the company said in a statement.
Start-ups in the Middle East and North Africa region registered record venture capital funding worth $2.6 billion last year through 590 transactions, according to a report by data platform Magnitt. About 35 start-ups announced exits in 2021, indicating a maturity in the region’s start-up landscape. Founded last year, Cairo-based Milezmore offers scalable logistics solutions using technology such as artificial intelligence and machine learning. It provides merchants with cloud logistics in various areas of operations including fulfilment and last-mile delivery.
Cloud fulfilment is an end-to-end picking, packing and distributing service.
In the past year, Milezmore has expanded its footprint across Egypt, the Arab world’s most populous nation, through 15 delivery hubs, processing more than 15 million pieces and delivering more than one million packages. It has a warehousing area of over 20,000 square metres and caters to more than 25 customers in various industries.
“What I witnessed during the past four years is that the traditional supply chain wasn’t built to solve today’s problem, and I believe Milezmore was built for that,” Ahmed El Attar, managing director and co-founder of Milezmore, said.
“In one year, we were able to build a strong ... team who drove the company forward and achieved tremendous results. We are confident that Milezmore will revolutionise the logistics industry in the near future.”
For decades, Egypt has suffered from a fragmented traditional supply chain structure that no longer works with the rise of new commerce models, especially since the onset of the Covid-19 pandemic, Mohamed Abdulaziz, chief executive and co-founder of Brimore, said.
“To address this challenge, we believed that the best solution was to invest in Milezmore to handle all the heavy operations,” he said.
Last month, Brimore raised $25m in a round led by the International Finance Corporation and Endure Capital.
Found in 2017, the Cairo-based company enables its sellers, who are mostly women, to unlock a new and flexible income method through customised solutions of online and offline sales channels.
Source: www.thenationalnews.com
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