Cairo-based logistics startup Sprint has raised six-figure (USD) seed funding from an angel investor, the startup told MENAbytes today without disclosing the amount or name of investor. Sprint said that the investment came at a pre-money valuation of $1.25 million.
Founded last year by Mohamed Deif, Sprint offers last-mile delivery solutions to ecommerce merchants with a focus on micro-merchants with the monthly volume as low as 30 orders a month.
Mohamed Deif, in a conversation with MENAbytes, said that they’re using a hybrid model with 40 percent of couriers being their own salaried employees who are using vehicles owned by Sprint, 40 percent being freelancers (for these freelancers, Sprint is facilitating a financing program with the help of banking partners allowing them to buy bikes and pay for them in installments of three years), and the rest of 20 percent being the courier companies that could serve the areas (including international markets) where Sprint doesn’t have any presence.
Sprint’s entire delivery process is technology-enabled with a delivery management system that offers location tracking and automated notifications for customers, and a dashboard for keeping an eye on all their orders.
The system can also be integrated with major ecommerce platforms including Shopify and WooCommerce.
Sprint that is currently providing its services to businesses in Cairo plans to use the latest investment to expand to Alexandria, Mansoura, Port Said, and Suez. The startup currently offers next-day delivery service for all the orders that are supposed to be delivered in Cairo and also collects cash on behalf of its merchants from their customers.
According to Sprint, it has been enjoying a 35 percent month-over-month growth rate since launching in October last year.
Mohamed Deif, co-founder and CEO of Sprint, commenting on the investment, said, “We’re really excited and confident in what we’re building. We’re focusing on improving the ecommerce and logistics ecosystem in the Middle East & North Africa by providing a technology-enabled platform that helps e-commerce merchants enjoy high-value logistics services & solutions regardless of their shipping volume.
“Our focus is to redefine Egypt’s logistics industry through our proprietary network design, infrastructure, partnerships, & technology capabilities,” he added.
Latest posts by Zubair Naeem Paracha (see all)
- Pakistan’s Tajir raises $1.8 million for its B2B ecommerce marketplace that helps mom-and-pop stores source inventory - June 5, 2020
- Vezeeta to provide telehealth services to thousands of STC employees in Saudi - June 3, 2020
- DHL partners with Dubai fintech Tabby to offer online retailers in UAE a cash on delivery alternative - June 3, 2020