Cairo-based peer-to-peer marketplace Shiphaly raises Six Figures | MAGNiTT
Summary
Access our data on 7,490+ startup funding roundsShiphaly, the Cairo-based startup connecting shoppers and travelers has raised an undisclosed 6 figure amount in its latest funding round led by angel investors in Saudi Arabia and Egypt. The round was led by Faisal Abdulsalam an active investor in Saudi Arabia and Egypt, with the participation of well-known angel investors in Saudi Arabia.Launched in October 2019, Shiphaly set forth to bring about an alternative channel to overseas purchases by connecting shoppers with travelers. Through a seamless mobile app and marketplace, the Cairo-based team connects shoppers with travelers coming from abroad willing to purchase and transport their products for an extra cash return. This crowdsourced model Shiphaly was accelerated and received seed funding from Flat6Labs in Cairo in 2019.MENA-based E-commerce startups have observed steady growth this year as recorded in our August 2021 Venture Investment Dashboard. Driven by an 8% YoY increase in number of deals closed in MENA, and a solid 78% YoY growth in amount of funding, the E-commerce industry has been the second-most active and third-most funded industry in MENA over 2021 YTD.Even though Shiphalys business has faced some challenges in the first half of 2020 from the different Covid travel bans globally.