Startups
Laverie: Egyptian Laundry Services provider raises seed round led by A15
![Laverie: Egyptian Laundry Services provider raises seed round led by A15](https://adigitalboom.com/wp-content/uploads/2021/05/a15.jpg)
Laverie, the first dry-cleaning & laundry app, announced securing an undisclosed six-figure (USD) seed round from A15, the leading Egyptian tech investor.
The upscale app has been operating since 2018 and currently boasts a month over month growth of 25%; catching the eye of A15, the leading tech investment giant which boasts an impressive array of successful startups.
A15 also boasts the region’s first Dragon exit (TPay) not to mention its previous major exit which was the sale of Otlob, one of the region’s leading online food delivery businesses, to Rocket Internet.
According to the announcement , Karim Beshara, A15 General Partner is quoted saying “We have noticed the work of the Laverie team, how they achieved early organic traction in the areas they operate in and the exceptional level of service they provide to their clients.”
The managing team consists of Laverie’s founders, Ayman Gaballah and Mohab Aloush as well as newly joining CEO Hani Salama who brought in his experience running his 30 year old family-owned laundry business.
We sat down with the team for more on consumer tech and the journey of Laverie onwards.
Hani says “Most of my early career has been spent building and operating digital assets at an early stage of the market. One of the biggest challenges at that stage has always been converging the behavior of potential users from traditional physical experience into a digital one.”
“My recent experience with the traditional laundry business grounded me with an insight of the psychology of customers.”
With this currently acquired investment, the Laverie team intends to disrupt the service quality level for the Consumer-tech industry in Egypt.
The Story
We spoke to Ayman Gaballah about Laverie’s journey and plans he says “Even in finding the name for the app, we had a focus on premium and high-end quality of service. This is what Laverie is all about.”
Laverie operates with a focus on seamless customer experience and journey while using the app as well as the quality of service and after-sales customer care.
The company also offers order tracking, and various payment options for convenience.
Ayman adds “We (Ayman and Mohab) had previous experience in the retail sector and launched several startups and software development initiatives in wholesale and healthcare.”
“(When raising) we saw A15 as one of the best-fit tech investors for us. Considering their current mix of companies as well as a good track record of successful exits and portfolio companies’ growth.”
Airing the Laundry
Consumer tech is a highly evolved industry worldwide but Laundry takes precedence in how ‘delicate’ (no pun intended) the process might be when it comes to the Egyptian market.
With pitfalls such as last mile pickup and delivery, payment and overall experience, the challenge can be quite interesting.
Ayman explains “The Egyptian market has evolved big time, customers are much more into using technology and accepting new ways of communication and B2C relationships. On the other hand, the market is still struggling with the shift between cash and online payment, many customers still prefer cash, but we are on track.”
Laverie offers several payment options as well as order tracking.
Our biggest challenge will always be to maintain a superior quality and customer experience.
Hani adds “I am hoping with my new team to be able to map a unique customer journey that smartly removes that barrier and positively affects our targets.”
On their plans for the near future, Ayman says “ this seed round will fuel our coverage of Greater Cairo and expansion into several GCC countries while focusing on offering new services and optimizing the customer experience.”
Startups
Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women
![Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women](https://adigitalboom.com/wp-content/uploads/2024/02/Alnashmiah-farms.jpg)
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
![GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028](https://adigitalboom.com/wp-content/uploads/2023/12/Selina-Bieber-the-Senior-Director-of-Global-Markets-at-GoDaddy.webp)
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.
Apps
Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding
![Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO](https://adigitalboom.com/wp-content/uploads/2023/12/Untitled-3-1.webp)
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (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. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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