Mylerz has raised $9.6 million in a funding round that will fuel the start-up’s expansion into Algeria, Tunisia and Morocco by the third quarter of this year.
The funding round was led by Lorax Capital Partners. Fawry that also participated in the round, will help bolster Mylerz’s cash collection services for its merchants.
“East Africa is the most populous sub-region of Africa, with a population of approximately 455 million people in the 18 countries. We are looking at Kenya, Tanzania, and Uganda with more than 120 million combined population. Also, these countries are underserved when it comes to e-commerce logistics services,” Samer Gharaibeh, CEO, Mylerz.
Mylerz will use the investment to construct and open an AI-enabled, automated 25,000 sqm cross-docking fulfilment centre west of Cairo by Q4 2022 and to augment its current 1,500 sqm fulfilment centre. According to Magnitt, 42 per cent of the total funding secured by Egypt-based start-ups last year went to the transport, logistics and e-commerce industries.
Ashraf Zaki, Managing Partner at Lorax Capital Partners, added saying “We are excited to partner with Samer and the Mylerz team who have demonstrated their wealth of experience in rapidly growing Mylerz into a leader and innovator in the e-commerce logistics industry. Mylerz has leveraged its know-how and premium technology offering to address several problems associated with last-mile delivery in Egypt including complex routes, the prevalence of cash, and diverse merchants with diverse needs.”
