el-dokan, the first-of-its-kind startup in the Middle East to provide enterprise e-commerce technology, has announced the successful completion of a $550,000 pre-Seed round headed by a group of local and regional investors including EFG EV and Flat6Labs, 500 Global, and Hala Ventures.
Why The Investors Invested
According to Ahmed Maher, co-founder and CEO of el-dokan, the key reason for the company’s ability to earn the trust of investors and close its pre-Seed round is that el-dokan is among the very few companies that focus on building advanced software using cutting-edge technologies such as headless, composable e-commerce architecture.
“The majority of retailers have repeatedly shown the willingness to either replace the traditional e-commerce methods with more advanced and flexible technology. The technology pioneered by el-dokan ‘changes the equation’ by helping retailers drive sales growth while simultaneously bringing down maintenance costs, making it possible for our retailers to quickly and easily develop APIs connections with our partners to ensure the highest levels of operational efficiency. Our technology can easily integrate with any third-party providers like payments, shipping, point of sale (POS) and (ERP) systems,” commented Mohamed Yousry, chief technology officer (CTO) and co-founder of el-dokan.
“After seeing the great impact el-dokan has had on enterprise businesses in MENA, and the profound growth we’ve experienced over a short period of time, we’re excited about the fact that our clients managed to achieve $45 million GMV after migrating from other global well-known software solutions that don’t meet the present-day challenges to ours. We are now serving a global roster of clients such as Procter & Gamble (P&G), Misr Pharmacies, Mobily, Zahran stores and Apple Premium seller Switch Plus, along with grocery delivery app Appetito, among others. And this is a testament to the ability of regionally-based tech startups to develop leading-edge technologies trusted by large, international brands and compete with global counterparts,” Yousry said. .
Walid Hassouna, CEO of valU, Egypt’s leading buy now pay later (BNPL) platform, expressed his delight at the successful conclusion of the company’s maiden investment round, which included EFG EV as one of its early supporters. “We look forward to exciting days ahead with el-dokan and its all-star team as they carve out a space for themselves in the fast developing e-commerce sector,” Hassouna added.
A Look At What The Startup Does
El-dokan, which will be launched in Egypt in late 2020 by Ahmed Maher, Mohammed Shirt, and Sherif Alaa, primarily targets major merchants and chain stores looking to extend their e-commerce market share, enhance sales, and automate operations.
Using “headless e-commerce technology,” el-dokan provides the best technological framework for tech teams to create highly configurable e-commerce with maximum flexibility, allowing businesses to adapt faster to changing business demands and keep up with the rapid changes in e-commerce.
With 300+ open API endpoints, it also targets software businesses and developers that deal directly with organisations wishing to construct their e-commerce sites quickly and cost-effectively.
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E-commerce is becoming an essential aspect of any retailer’s business plan, and technology developers and platforms are striving to supply retailers with the finest technology to help them scale up and optimise their operations. Unlike firms like Shopify and other local shop builders in the region, el-dokan now provides e-commerce APIs for large- and medium-sized shops as well as startups, allowing them to develop highly customised and personalised e-commerce sites.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert