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Construction material marketplace Elmawkaa closes 6-figure seed round

Elmawkaa onboarded more than 1000 suppliers organically and aggregated more than 4.5K contractors requesting quotations with GMV reaching more than $1 million

By: Business Today Egypt

Sun, Oct. 17, 2021

Photo by Jan Huber on Unsplash

Egyptian construction materials marketplace (ConTech) Elmawkaa successfully secured a 6-figure investment into its platform in its latest funding round.

Elmawkaa’s integrated platform provides a space for buying and selling building materials, unlocking new possibilities for the construction market as one of the first tech-driven solutions for the industry.

According to a statement, Elmawkaa onboarded more than 1000 suppliers organically and aggregated more than 4.5K contractors requesting quotations with GMV reaching more than $1 million.

“We are not a listing or ordinary marketplace, we are digitalizing and innovating the process of buying building materials through a bidding process and our matching Algorithms which we built with our hands that deliver accurate and competitive quotations based on our experience in Engineering, business, and software development in the last decade,” explained co-founder and CEO Ebrahem Anwar.

ElMawkaa Founders
Elmawkaa Founders

 

Elmawkaa’s CTO, Mahmoud Habib said that "the market of building materials in Egypt estimates at $17.5 billion, representing 30 per cent of the value market in Mena. It is expected to have sustainable growth to reach more than $62.3 billion by 2029".

The startup aims to utilize its new funds to promote growth and support expansion plans, with Habib stating that “In 2022, we plan to onboard 2K suppliers, reach 4K transactions with $2 million GMV and in 2023 we will penetrate all Egyptian cities, onboard +4K suppliers, and list +10k products, 11K transactions with $6 million as a GMV”.

As Elmawkaa continues to scale and plans on growing into the Saudi markets, co-founder and CBO Mohamed Thabet concluded that the main drivers behind their success was their strength "…in closing partnerships with the biggest suppliers, and key players in the market was a strong validation for what we are offering to the market, it enlightened the way in our most important periods and was a sign to keep going."

The Seed round was led by Flat6labs and joined by a Group of Oqal angels from Saudi Arabia after joining 500 Startups (now 500 Global) in Misk’s second batch in 2019.