BY TOM JACKSON
Egyptian B2B fashion e-commerce startup Gahez has raised a US$2 million pre-seed funding round to build out its tech and its team ahead of future expansion.
Launched late last year, Gahez is an online marketplace that streamlines the process between fashion retailers and manufacturers, providing an improved online trading cycle. The platform assists retailers in the selection of products and sourcing options, while also providing on-credit facilities to ease the collection and payment process.
Gahez already operates in 16 governorates across Egypt, and has on-boarded over 15,000 retailers, 142 manufacturers, and over 4,000 SKUs.
The startup’s US$2 million pre-seed round was led by Disruptech Ventures with the participation of Egypt Ventures, Tanmeyah (an EFG Hermes company), LoftyInc Capital Management, and other strategic angel investors.
“We are on a mission to revolutionise the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian and African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity to scale and position itself within the sphere,” said Gahez co-founder and CEO Wael Olama.
The startup will channel its newly acquired funds into building world-class technology and hiring top talent that will enable it to cater to all targeted customer segments and future expansion.
“We are excited to support Gahez’s business expansion plan through our board seat and strategic input. The team is paving the way to digitising the region’s fashion wholesale market. With this investment, I am certain that they will be able to fulfil their targeted milestones,” said Mohamed Okasha, Disruptech’s managing partner.