Kuzlo, an Egyptian B2B eCommerce firm, has come up with an announcement on October 30. The company has raised an undisclosed amount of fundraising for pre-seed, which has closed now.
The funding round of Kuzlo has got the lead from Nama Ventures. It will give the company some more capital to further aid the small retailers in the space of fast-moving consumer goods.
The CEO of the B2B eCommerce firm Kuzlo, Ayman Elgarem, is seeing digitization as the main driving force for the transformation of the variety of industrial sectors. It will also benefit the marketplace in Egypt.
The managing partner of Nama Venture, Mohammed Al Zubi, said that the investment they made in Kuzlo is a part of the investment thesis.
Last month the central bank of Egypt rolled out the licenses. It had allowed the merchants to further accept any kind of contactless payments. The B2B eCommerce firm of Egypt got the allowance to receive contactless payments from mobile phones. Well, it didn’t say anything about when the new system will take place. Also, it had not disclosed anything about which business will get the eligibility for a license.
Egypt has recently passed its Data Protection Law in July of the previous year. It has derived its inspiration from the GDPR in Egypt.
It is now triggering new guidelines for the processing ways for a B2B eCommerce firm to store customer data digitally. It has a design that can spark the further growth of online banking in the market.
It is now imposing a penalty on the companies which are not sticking to the rules for online privacy concerning the data storage for digital and electronic ground.
Egypt has also passed a law that lets the central bank offer banking license to Fintech companies apart from just a B2B eCommerce firm. It is now crafting legislation that would help in governing the non-banking FinTech.
Last month, Capiter, a Cairo-based startup has raised $33 million in a Series A funding round to expand its platform for eCommerce in Egypt by2022. Capiter has more than 1000 sellers and 50000 merchants in its customer base. It can customize the application as per the needs of each buyer.
This B2B eCommerce firm is developing a machine learning model which will help merchants to know which items they must buy to keep their inventory updated.