Egyptian Logistic Startup Raised Six-Figure in Seed Funding
Summary
TechInAfrica — A logistics startup based in Cairo, Sprint, has secured six-figure seed funding. Deif 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 offers a one-day delivery service for all the orders that are expected to be delivered in Cairo and also charges cash on behalf of its merchants from their customers. We’re focusing on improving the e-commerce 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 concluded.