Capiter, a Cairo-based B2B e-commerce marketplace that connects manufacturers, wholesalers, and retailers on an one platform, has opened a new office in Dubai, United Arab Emirates.
The announcement comes just weeks after the startup raised $33 million in its first funding round, which was led by a number of major companies and investors, including Capital Quona, MSA Capital, Savola, as well as Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.
Mahmoud Nouh, founder and CEO of Capiter commented on the announcement saying, “Capitalizing on our proven successful model developed and refined in Egypt, which is one of the largest retail markets in the region, Capiter is embarking on its regional and international expansion plans starting with the Dubai office. The new opening will positively impact the company’s position and presence in the startup ecosystem both regionally and globally, providing our employees with the opportunity to work and interact with different markets and attract strong investments and new financing.”
The company’s presence in the Dubai International Financial Centre (DIFC) zone puts it in close proximity to the region’s financial leaders and investors. Today, the new office has been open for six weeks and already has 30 employees operating on its premises.
“Our plans for regional expansion goes in parallel with our local growth perspective as we gear up to open a new office in Cairo soon. Our teams will be fully onboard across all offices to ensure smooth operations for all our stakeholders,” Mahmoud added.
Egyptian start-ups have secured investments worth $400 million in 2021, according to the CEO of the Information Technology Industry Development Agency (ITIDA), showing investors’ growing confidence in Egyptian entrepreneurs and their technological innovations. In line with the country’s overall ambition to convert itself into a digital society, Egypt has seen exceptional growth in fintech solutions.
Capiter provides a single platform enabling micro, small, medium, and enterprise (SME) enterprises to order a wide range of inventory, obtain delivery, and utilize an embedded BNPL solution all from a single platform. The Capiter solution also helps brands and manufacturers obtain essential insights into the markets they serve, allowing them to access real data to enhance their distribution strategies and increase efficiencies, thanks to cutting-edge technology and machine learning.
Capiter provides its services in Egypt through a well-trained team of more than 1500 employees, a network of more than 50,000 merchants and more than a thousand global and local manufacturers, as well as a fleet of more than 500 trucks that offer more than 7,000 products through its platform, with an annual growth rate of 11 times.
