Mylerz raises USD 9.6 mln for expansion of its fulfilment service

Wednesday 11 May 2022 09:05 CET | News

Egypt-based ecommerce fulfilment startup Mylerz has planned to enter three new markets in North Africa with its new USD 9.6 million funding.

The startup also has its eyes on the growing ecommerce market in East Africa, with the long-term goal of growing into a pan-African shipping logistics provider, by tapping the ecommerce market in Africa, which has experienced 18% annual growth since 2014, as per the press release.

Mylerz growth funding round was led by Lorax Capital Partners, an Egypt-based private equity firm with participation from e-payments company Fawry. As Mylerz expands to Algeria, Tunisia, and Morocco, Fawry, its payments partner, will come along to provide electronic payment and cash collection services.

The Mylerz platform allows its partners to track the orders sent out for delivery, change destination or delivery time, and generate business insights like consumer behaviour and demographics. Fawry will help the startup deposit cash collected from buyers since cash on delivery is still the preferred method of payment in Egypt. This will make its business less risky and facilitate it grow faster, according to company officials.

Mylerz has 21 fulfilments centres and plans to open a its biggest hub so far, to keep up with the growing demand for storage, order processing, and last-mile deliveries. The company operates a decentralised system, and these hubs, which are close to their customers, help them to consolidate the packages and dispatch for deliveries fast enough to meet their promise of same day delivery.

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Keywords: ecommerce, funding, startup, delivery, payment processing
Categories: Payments & Commerce
Companies: Mylerz
Countries: Africa
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Payments & Commerce


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