Egyptian B2B E-commerce Platform iSupply Secures $3 Million Sharia-Compliant Investment
Egyptian B2B e-commerce platform iSupply has successfully raised a $3 million Sharia-compliant investment to accelerate its growth and expansion within the local market.
Key Details
The $3 million funding round is structured as a Sharia-compliant investment, reflecting a growing interest in financing models that adhere to Islamic principles within the tech and startup ecosystem in the MENA region. While specific investors were not detailed, the capital infusion is earmarked primarily for iSupply's operational expansion, enhancing its platform capabilities, and scaling its reach across different governorates in Egypt.
Implications
This investment highlights the potential and investor confidence in the B2B e-commerce sector in Egypt, which is rapidly digitizing supply chains and trade. The adoption of Sharia-compliant financing also signals increasing innovation in funding structures catering to diverse investment preferences in the region. For iSupply, this capital boost is expected to significantly improve its ability to serve a wider range of businesses, streamline procurement processes, and potentially lower costs for its users.
About iSupply
Founded in 2021 by Ibrahim Abdel Razik, Ahmed El Kalla, and Moataz El Gamal, iSupply operates as a B2B e-commerce and supply chain platform. It focuses on simplifying the procurement process for various businesses, particularly within the FMCG (Fast-Moving Consumer Goods) sector, by connecting them directly with suppliers and manufacturers. The platform aims to address inefficiencies in traditional distribution channels, offering better prices, wider product selections, and improved logistics for retailers and businesses across Egypt.
Looking Ahead
With the newly secured funding, iSupply is poised to expand its geographical footprint within Egypt and deepen its technological integration to offer more sophisticated services. The company intends to leverage the investment to onboard more businesses onto its platform, enhance its logistics network, and further develop features that improve supply chain transparency and efficiency for its users, solidifying its position in the competitive Egyptian B2B market.
Source: Wamda