The funding round was led by Hong-Kong based Betatron Venture Group with participation from existing investors
Ecommerce platform, ExpandCart, recently secured $2.7 million in a Pre-Series B bridge round of financing, aiming to expand to new markets and developing its comprehensive suite of ecommerce products and solutions.
“E-commerce growth has been impressive in the Middle East, and we are proud to be one of the leading players to help millions of businesses go online. With this round, we are committed to being more customer-centric than ever, to build top-class operations, and we will continue to focus on creating the most comprehensive suite of products to help our merchants succeed,” explained Co-founder and ExpandCart CEO, Amr Shawqy in a statement.
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One of the largest ecommerce platform builders in the MENA region, ExpandCart currently boasts a customer base of 25,000 merchants from over 40 countries. According to the platform, their clients have managed to achieve over $850 million in GMV through its platform from its current main markets, including Saudi Arabia, Egypt, Kuwait, and the UAE.
The funding round was led by Hong-Kong based Betatron Venture Group with participation from existing investors; Sawari Ventures from Egypt, and Agility Ventures from Kuwait.
The new financing will boost “ExpandCart’s growth in current markets while focusing on maximizing R&D, technology building, and new products to ambitiously enable 1 million merchants within the next 3 years across the MENA region” wrote the statement.
With estimates that the e-commerce market in the region has been growing at a CAGR of 35% over the last 5 years and studies show that there will be a larger acceleration in e-commerce between 2020 and 2022, at 20% CAGR, and a further 14% growth per annum until 2025, the company added.
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The company is currently preparing to kick start its new financing round, which will be dedicated to new market expansion, and developing a comprehensive ecosystem of commerce products and solutions that will help the company acquire new segments of merchants with business needs that go beyond just a traditional online store.
