It looks like accelerator programmes are a cock-sure way of having access to funds these days. A year after getting validation from Egypt-based accelerator, FlatLabs, Cairo-based logistics startup Illa (ILLA) has secured a six-figure investment (USD) in a seed round from Averroes Venture Capital, AUC Angels, and some local and regional angel investors, with follow-on funding from Flat6Labs Cairo.
“While innovating around logistics is challenging, it’s even more so within an ever-growing industry, and that’s why Illa is uniquely poised to capture considerable market share both locally and regionally for their exclusive focus and innovation around FMCG,” said the startup in a statement, adding that it now operates within 24 governorates across Egypt and has delivered 7 million cases so far.
The startup plans to use the latest investment to expand further in Egypt and explore potential regional markets to expand into.
Illa was part of Flat6Labs Cairo’s Spring 2019 cycle.
Why The Investors Invested
The Team
Illa’s co-founder and CEO Mahmoud El-Zomor has previously worked with leading FMCG companies including CocaCola and Clorox and comes from a family that’s “deeply rooted” in the distribution industry. Mahmoud co-founded the startup with his longtime friends Alaa Jarkas, Ahmed Sakr, and Hossam Saraya. Alaa and Ahmed have also worked in the FMCG industry and Hossam comes with the experience of leading engineering teams at tech startups in Egypt and Germany.
“Illa’s exceptional team of diversified backgrounds are surely capable and well equipped in becoming a key player in the future of the logistics technology industry,” said Dr. Ahmed Alsharif, Founding Partner and CEO of Averroes Ventures.
“Their dedication, extensive experience in the logistics & multinational FMCG industries and more importantly their insightful vision were assuring signs of great success ahead. FLat6Labs is reinforcing its belief in Illa and the team by joining the second round of investment in the company, in order for Illa to continue to grow its business operations, to serve new markets/segments, and introduce new technologically-enabled solutions,”Marie-Therese Fam, Managing Partner of Flat6Labs Cairo, said, adding that Illa’s founding team demonstrated from day one [at Flat6Labs Cairo] that they are an A team.
The Business Model
Mariam Kamel from AUC Angels said, “The ailing logistics and delivery sector is at a turning point, with Illa well-positioned due to their solid team, unique market know-how, and the strength of their solution.”
FlatLabs Illa funding FlatLabs Illa funding
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A Look At What The Startup Does
Launched in March 2019, Illa offers full-stack delivery solutions to corporates and SMEs operating in the FMCG (Fast-moving consumer goods) industry. Its services are designed for manufacturers, distributors, hypermarkets, hotels, F&B chains, and many other stakeholders involved in the FMCG industry. Its supply just like any other trucking aggregator comes in form of freelance truck drivers or third-parties but the solutions are strictly focused on FMCG.
Illa’s clients can book its services in a few easy steps by selecting the truck type, filling in pickup and dropoff details (it supports multiple dropoffs too), and adding notes or attachments. Illa then picks up the shipment, transports it at designated locations and receives cash (if any) on behalf of its clients. Its network of trucks with different types and capacities can act as an internal fleet for the FMCG companies, notes its websites. The clients can keep an eye on the deliveries through a dashboard that also comes with different types of analytics and reports.
The startup claims to be already working with some of the biggest names in FMCG industry including CocaCola, P&G, Nestle, and Pepsico as well as leading local entities.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer