The investment will be used to expand their operations in the GCC, as well as target delivering more than 15 million parcels in Egypt in the next two years
Bosta, an Egyptian ecommerce logistics startup, has announced the closing of a $6.7 million series A round, rounding up their total investment to $9.1 million.
The round, led by Amman-based global VC Silicon Badia, included participation of 4DX Ventures, Plug and Play Ventures, Wealthwell VC and Khwarizmi Ventures from KSA, as well as a few other investors.
“Solving the last mile delivery problem for ecommerce companies is very crucial for the ecommerce business to grow in Egypt and the Middle East,” said Mohamed Ezzat, Founder and CEO of Bosta in a statement.
The investment will be used to expand their operations in the GCC, as well as target delivering more than 15 million parcels in Egypt in the next two years, the company highlighted in its statement.
According to the startup, Bosta has delivered more than 4 million parcels for more than 2,200 businesses since its establishment, 2.3 million of those were delivered since the start of the COVID-19 pandemic.
Bosta relies on a network of freelance drivers for its last-mile delivery and guaranteed next-day delivery services. The startup's tech product simplifies logistics and allows customers to have full control over the delivery process.
Dr. Fawaz H. Zu’bi, the founder and CEO of Silicon Badia, in a statement, said, “Ecommerce has always had amazing potential in our region but was always being held back by something whether payments, logistics, market fragmentation, or customer adoption. We are excited to finally see companies like Bosta emerge to tackle some of these issues and help ecommerce realize its full promise and potential in a region that has now ‘turned on’ digitally.”