Fincart.io, has successfully closed its pre-seed funding round. The round was led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other investors. This investment underscores the increasing demand for efficient shipping solutions in the MENA region e-commerce market.
The Egyptian e-commerce logistics platform founded in 2023 by Mostafa Elmasry and Nihal Ali, offers small and medium-sized businesses (SMBs) integrated multi-courier shipping, seamless last-mile delivery, and access to working capital. The platform addresses key logistical challenges faced by SMBs in the rapidly growing USD 75 billion MENA e-commerce market.
User-friendly features
Key features of Fincart.io’s user-friendly platform include a courier recommendation engine, consolidated payments, and exclusive shipping rates, all designed to help merchants streamline operations and reduce costs. The company has already demonstrated impressive growth, achieving a fourfold year-over-year expansion.
The newly raised funds will be utilized to enhance Fincart.io’s technology, expand its courier network, and deepen its presence in the e-commerce markets across Africa and the Middle East. Co-founder Elmasry expressed excitement about the support from esteemed investors, while Plus VC’s Hasan Haider emphasized the platform’s potential to overcome logistical barriers and bolster the growth of MENA’s e-commerce sector.