News
Egyptian mother, baby online shop Mumerz raises $1.2m
Egyptian Mumerz.com announced that it has successfully secured $1.2m in a pre-seed round led by local fund Disruptech.
Launched recently, Mumerz.com is a parent and child community platform and a one-stop online shop for all parent and child needs. It is the largest bilingual community and e-commerce platform in Egypt, offering every parent and child their needs starting from pregnancy up to 12.
It aims to fill the gap in information, advisory, and products that parents and children need by offering a blog that includes articles on a large variety of issues related to pregnancy, childbirth, and Mum & childcare, integrated with the most significant parent and child e-commerce platform in Egypt.
Trying to put an end to the enormous motherhood gap in Egypt’s online market and the time consumed by general merchandisers to deliver and with competitive market prices, Mumerz.com promise it, costumers, next-day delivery, so parents enjoy a seamless experience where an advisory team helps them choose the perfect products for their children.
E-commerce propositions have made a comeback with exponential growth in 2021. With an almost 400% YoY increase in funds backing the sector, the Egypt-based E-commerce sector has raised 21% of all capital invested across Egypt in 2021, as recorded in our Egypt 2022 Venture Investment Report.
This volume of funding was driven by sizable investments in B2B E-commerce startups MaxAB and Capiter, accounting for more than 80% of all funds raised in the sector; however, looking at the sector’s Early-Stage Deals (<$500K), we find some exciting prospects tailored for childcare and family support.
Significant investments have been made backing online pharmaceutical marketplace for maternity support Mammy App, social commerce children goods’ marketplace The Baby Garage, and family grocery wholesaler PacknSave regardless of the 9 Early-Stage deals closed in the sector over 2021.
Mumerz.com promises exponential growth in the femtech scene; the online platform has a wide range of information, advisory support, and products. The parent and child e-commerce platform contains an immense range of products, starting from diapers, baby gear, toys, apparel to skin products and vitamins, in addition to complimentary gift wrapping, customized cards, and gift listings.
Mumerz.com offers value-adding content for moms on its blog and Mums Mag, with direct links to products on the e-commerce platform.
Nadia Gamal El-Din, Founder at Mumerz.com, and Rahet Bally said, “Mumerz.com acts as a natural continuation to Rahet Bally’s motherhood support services and allows us to serve millions of our moms who already trust us, daily consume our content, use our discount services & come to our fitness facilities. Mumerz.com also capitalizes on Rahet Bally’s tremendous insights on exactly what moms need as well as a seasoned advisory team that recommends what’s the best product fit for each mom’s needs based on Rahet Bally’s reviews across all product categories.”
It is known that the company was co-founded by Amir Shenouda and Rahet Bally’s founder, Nadia Gamal El-Din. Amir brought on his 22 years of experience in the Mum and child merchandise and e-commerce business; his experience includes holding significant positions at Hamley’s, Toys R Us, Cartoon Network, Mumzworld, Souq, and Amazon. Nadia complements the founding team through her vast experience in the Mums support community.
Nadia founded the famous Rahet Bally in 2015, which serves more than 1.9 million active Mums in Egypt via financial, physical, intellectual, and social support, utilizing her expertise and experience when it comes to Egyptian Mums’ struggles and needs.
Amir Shenouda, Founder and Managing Partner at mumerz.com, said, “We believe that the mother, baby, and child online vertical is underserved in Egypt,” resume The key to that is in delivering an optimal customer experience with a wide range of mother-baby and child products at affordable prices.”.
We will be working closely with Mumerz to expand its offering to customized financial services, helping to support increased opportunities for financial inclusion of women in Egypt.” so the Egypt-based startup will be able to utilize its newly acquired funds further to support its online platform with diversified offering and content as well as expand its market share in Egypt and Beyond. Mohamed Okasha – a managing Partner at Disruptech, said, “We are excited to lead the investment round for Mumerz. We believe that Mumerz will grow into one of Egypt’s leading femtech platforms, offering unique products and services to Egypt’s community of mothers.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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