Egypt’s Kemitts Raises An Undisclosed Six Figure Amount In Funding

E-commerce startup Kemitt has raised an undisclosed six figure amount in funding from a group of Saudi Arabian investors.

Kemitt is an e-commerce startup and has its headquarters in Egypt. Kemitt is an online marketplace and provides a platform for products and furniture designers to connect with their end customers. The startup therefore provides an online platform where product designers can showcase their unique products while also utilizing the tools provided by Kemitt so as to be able to reach a wider audience and increase their overall revenue.

The seed from the funding will be used to fuel Kemitt’s plans on expansion and operation growth. It will also assist the company in achieving its dreams of developing its tech further, and entering entirely new markets in the region, starting with Saudi Arabia.

The following are what the CEO of the startup had to say. “We are very excited about the opportunity that this investment gives us, it will enable us to scale up our operations and expand to new markets. We invest in tech to drive growth, and have prioritized solving logistical pain points to ensure a smooth journey from the factory to the customer’s home”.

“We believe that digitizing the furniture industry in the region is crucial for the local economy. After all, our goal is to put Kemitt as a first choice when you consider furniture shopping”, Mahmoud Fouad; the CEO and co-founder of Kemitt added.

Egypt is the predator of the venture capital equity deals with 86 deals completed in 2020 alone, according to a report by Partech Partners. No other African country has had as many venture capital equity deals. Egypt continues to be the hub for venture capital equity deals and it will be intriguing to see another African country either takeover from Egypt as the country with the most equity deals or stand close to Egypt in terms of number of equity deals.

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