Zeew, an Egyptian-origin e-commerce enabler that has operations in Eastern Europe, has raised $170,000 from Sanabil 500 MENA Seed Accelerator, a joint initiative of Sanabil Investments and 500 Startups.
This tops up a seed funding round it raised from Estonian angels in January this year. Although the amount was not disclosed then the company is believed to have got about $230,000.
Zeew intends to use the money for expansion and entry into newer verticals.
Founded by Mohamed Ghaith in 2017, Zeew started as a last-mile delivery venture for flower shops and other merchants. It subsequently expanded into categories like food ordering, grocery and pharmacy.
The company later changed its business model to become an enabler for online ordering with white-labeled backend for third-party merchants.
Ghaith had previously worked at forex trader FXopen and then had short stints including one as a financial journalist.
Zeew is not the only such Egypt-origin venture to have found backers. Heliopolis-based zVendo, another ecommerce enabler, raised a pre-Series A funding round from Mobica and Gratus Holding in May. This came soon after it raised ‘six-figure’ seed funding from Egyptian venture capital firm EFG EV Fintech and angel investors.
Founded in 2018, 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 systems, besides integrating product feeds for social media platforms, marketplaces and product aggregators.