MENA-based Fincart attracts investors to redefine e-commerce logistics

Published 3 months ago• 2 minute read

The funding amount remains undisclosed, but the round was led by Plus VC, a leading venture capital firm in the MENA region, according to a report from Wamda. Participation also came from notable investors such as Plug and Play, Orbit Startups, Jedar Capital, and others from both regional and international markets.

Founded in 2023, Fincart.io seeks to address the unreliable shipping systems that limit e-commerce businesses from scaling. Its platform offers online sellers affordable and efficient delivery options while providing quick access to working capital.

The company plans to use the new funding to enhance its technology platform, expand its courier network, and support the rapidly growing e-commerce market in Africa and the Middle East. The region’s e-commerce sector is projected to reach $75bn by 2028, encompassing over 4 million small and medium-sized online sellers.

Fincart.io CEO and co-founder Mostafa Masry said, “We are thrilled to be backed by such esteemed and astute investors who not only provide capital but also have vast strategic experience in the region.

“Closing this round is a milestone achievement that underscores the immense potential of our market and the confidence our esteemed investors have placed in our vision and strategic approach to redefine e-commerce logistics in the region.”

The platform has demonstrated rapid growth, reporting a fourfold increase year-over-year, driven by strong organic referrals and a clear focus on resolving critical challenges for online sellers.

Hasan Haider, founder and managing partner of Plus VC, said, “We are proud to back Mostafa, Nihal and the team as they tackle one of the most critical challenges in e-commerce logistics.

“Fincart.io’s innovative platform empowers SMBs to overcome logistical barriers and scale seamlessly. With exponential growth and a deep understanding of the market, Fincart.io is well-positioned to become pioneers in this field and an indispensable partner for SMBs across the region.”

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