Opio Raises $300,000 in a Seed Round from AUC Angels
Summary
The investment is meant to place Opio on the road to the GCC market.Opio, Egypts leading DTC (Direct to Consumer) everyday womens wear brand has raised $300,000 investment in a seed round from AUC Angels, local and regional angel investors along with follow-on funding from Flat6labs Cairo.Launched in 2017, Opio started as a digital native vertical, capitalizing on the long-abandoned Egyptian apparel industry and the surge in online shopping demand. The company develops strong ties with local manufacturers, markets, and distributes their own products without using middlemen, which enables them to reduce costs, interact directly with consumers, and provide a seamless start-to-finish buyers experience.On the other hand weve witnessed some jaw dropping internet penetration in Egypt the past 10 years, a hyper-exposed gen Z, with very limited online offerings, says Reem Abdellaftif, Opios Co-founder, Creative Director and Designer-in-Chief.Over the past couple of years, Opios focus was in developing strong supply chain capabilities and bring onboard a team with a diverse caliber, from digital marketing specialists, to tech experts, as well as fashion design and creative teams. With a special attention to localizing the brand to further appeal to the target demographic.OPIO has been very responsive to market trends, both in terms of how it interacts with its clientele, and how it reacts to changes induced by the recent developments in the digitalization of the shopping experience. Shady and his team move fast, and always have news to share on whats coming next.Opio addresses a market opportunity that manifested itself with the outbreak of COVID-19 and the major shift by Egyptians towards online transactions, the highest of which being in fashion, as highlighted by a MasterCard survey.Being part of their Spring 2020 cycle, Flat6Labs is a true believer of Opios brand and the team behind it and is a proud partner and investor. We stand behind the team as they take the business beyond borders and scale into a regional and an international brand, commented Marie-Therese Fam, Managing Partner of Flat6Labs Cairo.