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Startup MGZN – Egyptian Mazaya Raises $5M Pre-Seed Round

Press release.

Mazaya, the 1st The B2B e-commerce marketplace, which focuses on electronics, announced the completion of a $5 million pre-seed round led by Raya Trade & Distribution, a subsidiary of Raya Holding for Financial Investments. This round will allow Mazaya to expand its operations in Egypt and expand into new markets, and potentially other verticals.

Mazaya offers electronics and home appliance retailers and merchants the ability to efficiently stock their stores through the Mazaya app from all major brands at competitive prices, as well as access to services at added value. Since launching in Egypt in 2021, Mazaya has worked with over 6,000 retailers, fulfilled 30,000 orders reaching a gross merchandise value of $15 million, and currently has over 1,000 SKUs on the platform.

“As leaders in the fields of commerce and distribution over the years, we are proud to invest in this ambitious platform which has revolutionized the industry by providing the highest level of services to merchants in collaboration with their partners. of success,” said Bassem Megahed, CEO of Raya Commerce and Distribution. “The platform conveniently supports merchants, especially small merchants who do not receive adequate services, with the ability to scale their business through a higher level of service and a wide range of electronic devices. of all international and local brands at the click of a button.”

Amir Aboul Fotouh, Co-Founder and Chief Operating Officer of Mazaya, said, “We are humbled and excited to continue transforming the electronics retail industry and value chain while empowering all retailers and merchants. We are also delighted to have strategic investors with extensive experience in electronics retail, distribution and logistics, such as Raya. The funds raised will enable us to rapidly expand our operations and expand to other markets beyond Egypt, we plan to launch our services in Nigeria before the end of this year.

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The B2B e-commerce space is growing rapidly as online services have become increasingly important, especially for merchants and merchants to facilitate their business needs, as orders are processed digitally, enabling greater purchasing effectiveness and efficiency. Due to the rising cost of electronics, many businesses are opting for installment purchases. To the point where the demand for purchasing electronic devices with remittances has skyrocketed, with remittances of mobile phones and electronic devices in Egypt totaling EGP 4.9 billion in the first 5 months of 2022, as said the Financial Regulatory Authority.

Mazaya plans to offer financial services and support to its retailers to help them grow their business by offering various credit facilities and flexible payment terms based on their payment history, in addition to helping them easily manage their finances by offering collection and payment services. Mazaya will continue to provide retailers and merchants with improved and efficient services to help them facilitate and grow their businesses, with the aim of positioning Egypt as a leading technology hub.