Egypt’s social commerce platform Sharwa has closed a $2 million pre-Seed funding round on Wednesday. This round is a cooperation with Nuwa Capital and Hambro Perks Oryx Fund, among other investors.
This company Founded in 2022 by Alaa Shalaby, Hassan Elshourbagi and Mohamed Hanafy. Sharwa gives customers the chance to purchase their essential household items like groceries and appliances at affordable prices through its app.
Sharwa also helps the customers in clubbing their baskets into a group order and place them through Sharwa using WhatsApp or directly on its app. It also unlocks wholesale prices from manufacturers for next-day delivery. The investment will help in developing the platform’s technology and obtaining more talent.
“The experience we aim to deliver is similar to going to a hypermarket with family. One person is pushing around the same cart, and everyone is able to throw things in. In our model, you all benefit from the low prices unlocked. Our customers love our service as a tool to help them fight inflation.” Alaa Shalaby, Chief Executive Officer posted.
“We empower local manufacturers to reach as many customers as possible in a data-driven way, with the goal of achieving the most streamlined supply chain. We have built an end-to-end value chain sourcing from manufacturers and delivering to customers, letting manufacturers focus on what they do best.” Hassan El Shourbagi, Chief Operating Officer, highlighted.
“We have yet to see technology that is tailored for the first-time internet users. With a discovery mindset, we are solving day-to-day needs. We have designed our experience to be simpler, more social and trustworthy.” Mohamed Hanafy, Chief Product Officer, said.
“Throughout our conversations with Alaa, Hassan and Hanafy, we were impressed with each individually. They were each operationally experienced and had extensive experience scaling leading, regional tech start-ups. It was their combined team dynamic, camaraderie and deep passion for their business that finalized our conviction.” Arnav Danthi, Nuwa Capital, pointed.
“We’re excited to support a platform like Sharwa, which has identified a key challenge for today’s consumers in Egypt and is addressing it by leveraging technology and social connection. The leadership team has proven experience at innovative and successful consumer businesses in the region and we look forward to seeing how they grow the Sharwa platform.” Hambro Perks Oryx Fund’s Ivo Detelinov concluded.
