It was announced that Taager, the popular Egypt-based social eCommerce platform has managed to raise about $6.4M in a seed round. The round was led by 4DX Ventures which was also joined by Raed Ventures, Beco Capital, Breyer Capital along with the individual investor, Careem’s Magnus Olsson. This leads to the total investment of Taager to $7M and that’s not all.
The platform was founded by Mohamed Elhorishy, Ismail Omar, Abdelrahman Sherif, and Ahmed Ismail back in 2019. Since its foundation, they’ve been building the Meesho of Egypt which has multiple features for providing online access for anyone who wants to sell products online. It allows anyone who wants to start off selling online along with providing them with products to sell. The entire process is managed by Taager and they do it very efficiently. The sellers from that platform are provided with the access to categorize their products and then sell them to potential customers on social media. They can use Facebook, Instagram, Whatsapp, and any other social media platforms to receive orders making the whole process convenient on both ends. After receiving the orders, the merchants then submit the orders on Taager, and the shipping process is done by third-party logistics. Which then are used to ship products directly to the customers.
The platform does all the process by itself. The seller only needs to find the orders from customers and that’s about it. The sellers have the freedom to choose different categories of products including fashion, car accessories, electronic accessories, and even home decors. Taager claims to have grown its GMV at an average of 40 percent month-over-month since its launch date back in December 2019. The platform already serves over 5K sellers along with hundreds of suppliers.
Mohamed Elhorishy, co-founder and CEO of Taager, said, “Small and medium-sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the MENA region.”
“The pandemic has accelerated the growth of eCommerce rapidly and in a relatively short time span and has driven our platform to a market-leading position. This was no easy feat in one of the toughest markets to operate in. We are excited to have some of the leading investors in the world back our vision as we look to scale and grow our platform across the region. We have world-class talent in our team and we are looking forward to taking the business to new heights in the coming months,” added the CEO who previously worked for an investment firm in Cairo.
Peter Orth, Co-Founder and Managing Partner at 4DX Ventures, said, “The Taager team have achieved very impressive results incredibly quickly, and also built one of the most impressive teams in the ecosystem. Their focus on quality and execution, and a very unique approach to empowering eCommerce entrepreneurs is a dominant combination. We’re thrilled to partner with the team in the next phase of the company’s growth.”
“We are excited to help the company maintain this impressive momentum as it scales the business beyond Egypt. The MENA region is one of the most exciting right now and we believe there’s a great opportunity for Taager to replicate its unique data-driven approach for further growth across the region,” added by its founder and CEO.
With the fresh round, the startup aims higher on expanding its operations across Egypt and improve its territory. The startup currently competes with Algebra and Endure-backed Brimore.
