E-commerce logistics firm based in Egypt, Bosta, has raised a $6.7m Series A investment to scale its operations in Egypt and the Middle East.
Venture Capital firm, Silicon Badia, led the funding round. Other investors include 4DX Ventures, Plug and Play Ventures, Wealthwell VC, and Khawarizmi VC. The funding is coming after Bosta previously received from DPDgroup, Fawry, Numu Capital and Cairo Angels.
Bosta claims to have served more than 2,200 e-commerce businesses in Egypt and delivered more than four million parcels since it was founded in 2017.
Reacting to the fresh funding, Bosta founder and Chief Executive Officer (CEO), Mohamed Ezzat, said the company is on a mission to simplifying the last-mile delivery bottleneck the e-commerce companies in Egypt are facing.
“Solving the last mile delivery problem for ecommerce companies is very crucial for the ecommerce business to grow in Egypt and the Middle East. As a company, we are committed to helping the ecommerce sector grow by providing them with speedy delivery, quality, and exceptional service – all while making sure our prices are one of the most competitive to help them with their tight unit economics and help them grow a profitable business. At Bosta, with our customer-driven approach and finding tech-driven solutions, we make sure that we are able to hit the three pillars while keeping our costs as low as possible,” Ezzat said.
Bosta, which claims to have a 95 percent delivery success rate, is targeting to deliver 15 million parcels in Egypt in the next two years and reaching the 20,000 user mark.
Dr. Fawaz Zu’bi, the founder of Silicon Badia, Bosta’s chief investor in the latest round, said the startup would help the e-commerce industry in the middle east reach its full potential.
“We are excited to finally see companies like Bosta emerge to tackle some of these issues and help ecommerce realise its full promise and potential in a region that has now “turned on” digitally,” he said.
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