RIYADH: Mazaya, an Egypt-based B2B e-commerce marketplace, raised $5 million in a pre-seed round, said a statement issued on Tuesday.
The funding round was led by financial investment firm Raya Trade and Distribution, it added.
The company will use the funds to boost its operation in Egypt as well as expand into new markets and other verticals.
“The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end,” Amir Aboul Fotouh, Mazaya co-founder, said.
The Mazaya app provides retailers and merchants of electronic goods and home appliances the ability to procure inventory for their stores from all major brands.
“The platform conveniently supports merchants, particularly small merchants who do not receive adequate services, with the ability to scale their business through a superior level of service and a wide range of electronic devices from all international and local brands at the click of a button,” Bassem Megahed, CEO of Raya Trade and Distribution, said in a statement.
The company also plans to offer financial services and support to their retailers by offering credit facilities and flexible payment options.