Top 7 MENA Funded E-Commerce Startups- MENA Edition. | Investera | Investment Portfolio Management Platform

Top 7 MENA Funded E-Commerce Startups- MENA Edition.

31March, 2022

The pandemic has put a demand on entrepreneurs to develop E-commerce models, the MENA region has seen a surge in the E-commerce industry, whereby the market size of the industry is expected to reach $75 billion by 2027. The industry is very competitive, offering consumers tailored solutions that meet their ongoing needs. 

The increase in Internet penetration, availability of 4G and 5G connectivity alongside affordable well developed phones, tablets, and laptops, has encouraged entrepreneurs to develop the required business models to enable and enhance the E-Commerce experience. In return; Investors see the E-commerce space in particular as a major opportunity for investment. It is worth noting that investors are intrigued by the demand of E-commerce in the Saudi and Egyptian markets in which both countries are considered to have had the highest funding in terms of e-commerce startups so far. 

Here is an overview of the top 7 E-commerce startups that have received the highest total funding since inception till date:

  1. MaxAB – The Region’s Leading Retailer Super App

Headquarters: Cairo, Egypt 

Lead Investors: BECO Capital, 500 Global, Endure Capital, 4DX Ventures, Outlierz Ventures, RMBV 

Total Funding: $76.2 Million

Founded in 2018 in Cairo, Egypt, MaxAB is a B2B e-commerce platform that connects food and grocery retailers to suppliers in the most underserved geographies. The platform’s mission is to re-engineer the informal grocery and food market using the appropriate technologies and supply chains that are designed to fit the needs of retailers. MaxAB empowers retailers by empowering and availing them access to a wide range of products and premium services. MaxAB has collected $76.2 Million worth of funding.

2. Oponita- The next generation e-commerce group in Eastern Europe, Middle East, & Africa

Headquarters: Dubai, UAE

Lead Investors: STV,  Partners for Growth 

Total Funding: $65.6 Million

Founded in 2021, Opontia, the Emarati startup, provides small e-commerce business owners the opportunity to sell their companies. Their business model streamlines the process for business owners so that they can make money in their account within a range of 6 weeks of starting the whole process. The growing startup has raised  $65.6 Million.

3. Retailo- Making Retail Simple

Headquarters: Riyadh, Saudi Arabia

Lead Investors: Graphene Ventures, Shrooq Partners, IMM Investment 

Total Funding: $45 Million

This Saudi-based startup is the region’s fastest-growing B2B firm, having modernized the region’s supply chains. Retailo‘s objective is to simplify the retail industry by making supply chains more accessible and attractive. In 2022, Retailo has received $36 Million in funding marketing it as the highest amount of funding received by the company. The total amount of funding received by Retailo has reached up to $45 Million.

4. Floward– An online flowers and gifting company

Headquarters: Kuwait

Lead Investors: STV , Impact 46

Total Funding: $30.3 Million

Operating in six countries across the GCC region and the UK, Floward guarantees same-day delivery, through a refrigerated fleet creating a seamless experience for customers. Founded in 2017, the online flowers and gifting company has raised over $30.3 Million. Most recently Floward has raised $27.5 Million in Series B to further expand its online flower and gifting platform. 

5. Capiter- Onwards & Upwards

Headquarters: Cairo, Egypt 

Lead Investors: MSA Capital, Quona Capital, Shorooq Partners, Foundation Ventures 

Total Funding: $33 Million

Headquartered in Egypt, Capiter aims to connect FMCGs, wholesalers, and merchants on the same platform. Merchants are able to order their products and receive credit facilities as well.  Capiter’s total amount of funding accumulates up to $33 Million.

6. Nana- Get Your Fresh Grocery Delivered to You whenever you want it.

Headquarters: Riyadh, Saudi Arabia

Lead Investors: STV, FIM Partners, Faith Capital, Middle East Venture Partners (MEVP), Impact 46

Total Funding: $79 Million

Nana is an online grocery platform that was established in 2016 and headquartered in Riyadh, Saudi Arabia. Nana is an online e-commerce platform that offers users doorstep deliveries of groceries and other essentials.  Nana; the multi-million dollar startup has raised an accumulative total of $79 Million over a period of 6 funding rounds. 

7. Homzmart- A one-stop shop where you purchase everything from furniture to household items.

Headquarters: Cairo, Egypt 

Lead Investors: MSA Capital, Nuwa Capital 

Total Funding: $17.2 Million

Founded in 2019 and headquartered in Cairo, the e-commerce platform specializes in selling home furniture, home decor, and other home supplies. Homzmart has raised $17.2 Million in total funding.

Loiy Saidi