Capiter, an Egyptian B2B Ecommerce Startup, has secured a $33 million Series A round co-led by Quona Capital and MSA Capital. Other participating investors include Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
Following the new investment, the company plans to expand vertically (in terms of the buyer type) and geographically within the next year.
Launched in July 2020 by Mahmoud Nouh and Ahmed Nouh, Capiter is a B2B marketplace that brings FMCGs, wholesalers & merchants to the same platform, enabling merchants to order their products through the eCommerce platform and receive credit facilities.
It is the liaison between the FMCG, wholesale, and merchants’ supply chain. That provides efficiency in the whole supply chain by using advanced technology and Machine-learning models. This provides high-quality service to sales channels and high data validity to the supply channels with a highly optimized financial / product cycling.
Capiter has over 12 merchant types on its platform, including mom-and-pop stores, hotels, restaurants, cafes, electronic shops, supermarkets, grocery shops, and catering companies, each with its own customized solutions.
Per its business, the B2B startup says it has over 50,000 merchants and 1,000 sellers. According to CEO Mahmoud Nouh, the company has provided up to 6,000 SKUs and it is targeting an annualized revenue of $1 billion by next year.
“We’re able to get the data from the products they buy. So we offer them the best solution on what they should sell, at what time, and peak seasons, including when, are the offerings happening. All of these are customized solutions that we offer,” Nouh adds.
In a statement, Quona co-founder and managing partner Monica Brand Engel said, “Capiter’s embedded finance model, combined with its expertise and strong user engagement, can have a dramatic impact on the financial lives of SMEs, helping them optimize their income which helps communities to thrive.”
“SME supply chain inefficiencies are massive throughout the Middle East. We believe the key blocker is the lack of working capital in the system. Capiter has built an asset-light way to aggregate retailers and suppliers and facilitate credit into the system through a comprehensive multi-product offering such as commerce, credit financing, digital payments, bookkeeping and inventory management for SMEs, leveraging on the ecosystem built by the local banks and financial institutions.” adds Ben Harburg, partner at MSA Capital.