Egypt-based social eCommerce startup Taager has raised a $6.4 million seed funding round in order to expand its platform across the Middle East region.
The startup said in a statement that the early-stage funding round was led by 4DX Ventures, a pan-Africa-focused venture capital company. It also included participation from Raed Ventures, Beco Capital, Breyer Capital, and some private investors, including Magnus Olsson, co-founder of Careem.
The latest funding round brings Taager’s total investment to date to more than $7 million since commencing operations in 2019, as per the reports.
“Small and medium-sized businesses are the engine of Egypt’s economy and we want to empower them with the best tools to drive their growth. In just over a year, we have built a huge body of data that does just that and we want to enable many more social entrepreneurs and online merchants to grow their businesses throughout Egypt and the MENA region. The pandemic has accelerated the growth of eCommerce rapidly and in a relatively short period and has driven our platform to a market-leading position. This was no easy feat in one of the toughest markets to operate in. We are excited to have some of the leading investors in the world back our vision as we look to scale and grow our platform across the region. We have world-class talent in our team and we are looking forward to taking the business to new heights in the coming months.”
“Taager had achieved very impressive results incredibly quickly and also built one of the most impressive teams in the ecosystem. Their focus on quality and execution, and a very unique approach to empowering eCommerce entrepreneurs is a dominant combination. We’re thrilled to partner with the team in the next phase of the company’s growth,” commented Mr. Peter Orth, Co-founder and Managing partner at 4DX Ventures.
Established in December 2019, Taager is a social eCommerce marketplace that offers online sellers and traders with a complete suite of backend and integrated services, from operational and logistical infrastructure such as storage and shipping to an online marketplace to host their products, connecting sellers with wholesalers.