The new round of funding would fuel ExpandCart growth in current markets, which include Egypt, the UAE, Saudi Arabia and Kuwait, while focusing on maximizing research and development (R&D), technology building, and new products with an aim of enabling 1 million merchants over the next three years across MENA using multiple products.
It added that it is currently preparing to kick start its new financing round, which will be dedicated to new market expansion, and developing a comprehensive ecosystem of commerce products and solutions that will help the company acquire new segments of merchants with business needs that go beyond just a traditional online store.
The platform said that number of estimates shows that e-commerce market in the region has been growing at a compound annual growth rate (CAGR) of 35 percent over the last five years and studies show that there will be a larger acceleration in e-commerce between 2020 and 2022, at 20 percent CAGR, and a further 14 percent growth per annum until 2025.
“E-commerce growth has been impressive in the Middle East. With this round, we will continue to focus on creating the most comprehensive suite of products to help our merchants succeed,” said Amr Shawqy, co-founder and CEO of ExpandCart.
We’re incredibly excited about the prospect of the e-commerce market in the region and believe ExpandCart will be at the forefront of driving its growth. The Pre-B round will allow the company to further accelerate its business development and set the stage for a larger Series B in 2022,” according to Matthias Knobloch, the Managing Partner of Betatron Venture Group.
Founded in 2016, ExpandCart is one of the e-commerce platform builders in the region with customers from over 40 countries and a client base of 25,000 merchants who managed to achieve over $850 million in gross merchandise volume (GMV) through the ExpandCart platform from its current main markets, including Egypt.