Egyptian e-commerce SaaS platform zVendo raises seed funding
Heliopolis-based e-commerce enabler zVendo has raised seed funding with the participation of Egyptian venture capital firm EFG EV Fintech along with unnamed angel investors.
The company did not disclose the amount but said it is a ‘six-figure’ sum. This means it has likely scooped up under $1 million. EFG Fintech typically invests up to EGP5 million ($320,000) in a single company so the funding could be in the range of $100,000-320,000.
zVendo was founded in 2018 by Sameh Abdel Fattah, who is the CTO, and Tarek Bakry, its CEO. The two were also the primary founders of e-commerce solutions company Business Boomers.
zVendo is an e-commerce software-as-a-service platform that enables businesses to start selling online through various sales channels. It allows businesses to loop payments for an online store to a mobile app and point of sale (PoS) systems besides integrating product feeds for social media platforms, marketplaces, and product aggregators.
“Being part of many startup programs like Microsoft Startup program has helped us achieve our goal of growing merchants’ businesses online,” said Bakry.
With a single dashboard view, zVendo introduces detailed sales and customer reports, along with marketing and e-commerce tools and integrations with different ERP and similar systems.
Mahmoud El-Zohairy, CEO at EFG EV, said: “The main reason why EFG EV Fintech is thrilled to be part of zVendo’s journey is the opportunity to enable more SMEs in the region digitize their commerce activities in both affordable and effective ways.”
The omnichannel enabler provides multiple subscription-based packages to support businesses of all sizes. Ranging between freemium and full-fledged features, they include over 20 ready-made payment and shipping integrations. The Arabic language is available to online stores as a free feature to all packages.
zVendo has also started to expand overseas with the UAE and Saudi Arabia as the key destinations, besides other countries of the Gulf Cooperation Council.