Mahmoud Noah — the Co-Founder of the Capiter e-commerce platform that specialises in fast-moving consumer goods — revealed that the platform’s plan to conduct a new funding round of $75m within the next few months after completing a funding round of $33m soon.
He also told Daily News Egypt that the company’s investors’ ownership structure includes Capital Quona —the largest investor — the Chinese MSA Capital Fund, Shorooq Partners, Foundation Ventures, Accion Venture Lab, Derayah Ventures, and Savola.
He pointed out that the company’s turnover annually approached $500m and that he expects the company to grow by about three times this year.
Furthermore, he pointed out that Capiter seeks to achieve this growth by expanding its selection of products, which already includes 18,000 products from about 1,200 contracted merchants; he added that the company aims to raise the number of merchants to about 200,000 before the end of this year.
Moreover, the platform has recently provided new products in electronics and electrical appliances.
Meanwhile, he said that the supply chain crisis will continue to affect the sector as a whole by about $120bn, according to data from the Central Agency for Mobilisation and Statistics.
The company also recently signed an initial financing contract with Connecticut Financial Holding Company of about EGP 100m to support its expansion plans.
Capiter was established in July 2020. It is an e-commerce platform that aims to connect merchants and small- and medium-sized companies directly with suppliers through an application that provides a comprehensive service for customers so that they can submit a purchase order and request delivery in addition to providing an electronic payment mechanism.
The platform provides buyers with access to a wide range of products, manufacturers, and brands thanks to technology that is powered by machine learning — a branch of artificial intelligence that determines the preferred product for the merchant.