Using a data-driven approach, Gahez successfully relieved fashion retailers from issues stemming from procurement and facilitated their selection of products and sourcing options
Photo by Parker Burchfield on Unsplash
Egyptian ecommerce and B2B fashion marketplace, Gahez, recently secured $2 million in its latest funding round, aiming to use it for future expansion plans, as well as reach underserved street resellers and empower their trading ability.
Launched as an online marketplace that will transform the wholesale distribution platform by streamlining the process between retailers and manufacturers, Gahez provides an improved online trading cycle as well as on-credit facilities to retailers.
“We are on a mission to revolutionize the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian/African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position itself within the sphere,” explained Gahez Co-Founder and CEO Wael Olama.
Using a data-driven approach, Gahez successfully relieved fashion retailers from issues stemming from procurement, and facilitated their selection of products and sourcing options.
Through its on-credit facilities, they are able to ease the collection process by handling cash settlements with supplier through third-party aggregators.
“The market size of apparel in Egypt amounts to USD 24Bn rendering the market potential infinite. Alongside, Egypt’s exports around USD 2Bn worth of apparel mostly to the US and EU markets, there’s a huge potential for growth in the African markets, and this can happen rapidly only through the digital world,” Olama added.
With Gahez, manufacturers and brands now have direct access to thousands of traders enabling them to enhance their margins and attract new types of buyers without having to deal with the logistical aspect of their business cycle.
According to a statement, Gahez currently operates in 16 governorates across Egypt, on-boarding over 15,000 retailers, 142 manufacturers, and over 4,000 SKUs (Gahez’s SKU is a wholesale set of sizes & colors) onto their platform with a focus on brick-and-mortar stores, online sellers and street vendors.
The Egypt-based startup will channel its newly acquired funds into building world-class technology and hiring top talent that will enable Gahez to cater to all the targeted customer segments and future expansion.
Gahez is tapping into the huge underserved market of street resellers, supplying them with smaller ticket-size transactions to empower their trading ability, providing them with better margins and variety. In response to strong demand from neighboring African countries, Gahez will be accelerating its growth and geographical expansion within the region.
The Pre-Seed round was led by Disruptech Ventures with the participation of Egypt Ventures, Tanmeyah (an EFG Hermes company), Afropreneur fund, and other strategic angel investors.
