Egypt’s ExpandCart secures $2.7m bridge round. 2 other things and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Egypt’s ExpandCart secures $2.7m bridge round
ExpandCart, an Egyptian e-commerce startup, has announced securing a US$2.7 million pre-Series B bridge round.
The round, according to the startup, will help it fuel its growth.
ExpandCart was founded by a trio of Amr Shawqy, Sameh Nabil, and Yasser Seleem in 2013.
Prior to founding the startup, the cofounders ran an online electronics store, which they reportedly sold to a local retailer.
Commenting on the vision of the company, Shawqy, who is the chief executive officer (CEO), noted that the decision to build the startup steamed from the need for vendors to manage electronic stores without elaborate technical support.
He said: “We realised the need for a platform like ExpandCart that can help merchants and retailers build their online store by themselves without the need for any technical assistance.”
Tech Trivia: A SIMM is a type of what component?
Answer: See end of post
2. Fintech startup, Fawry, looks to raise $51m
Fawry, a leading fintech company in Egypt, is seeking to raise EGP800 million (US$51 million) of growth capital.
The startup stated this in a release where it noted that it was seeking to explore fund raising via rights issue to existing shareholders.
READ ALSO: Chinese local lab launches 6G technology transmission. 1 other thing and a trivia
According to Fawry, the new fund will be used to fund a new chapter of expansions in financial services for both consumers and merchants.
The fintech startup was founded in 2008, and has gone on to become the largest Egyptian digital transaction and e-payment platform.
Fawry offers ways to pay bills and other financial services, including providing payment gateways, e-commerce solutions and microfinance solutions to consumers and businesses through more than 250,000 agents and a variety of channels.
In 2019, the company listed on the Egyptian Stock Exchange, and subsequently became a “unicorn” as its valuation passed the US$1 billion mark in 2020.
3. India’s Swiggy closes $700 million at $10.7 billion valuation
India’s top food delivery startup, Swiggy, has closed $700 million in a new financing round.
The new raiser comes six months after securing $1.25 billion.
The startup, with the development, continues in the aggressive expansion of its offerings including the instant-delivery service in the South Asian market.
The Bengaluru-headquartered startup noted that the round was led by Invesco, an American independent investment management company.
The new raiser values the seven year-old startup at $10.7 billion, from an initial $5.5 billion valuation in July 2021.
Some of the new investors that participated in the round include Baron Capital Group, Sumeru Venture, IIFL AMC Late Stake Tech Fund, Kotak, Axis Growth, Sixteenth Street Capital, Ghisallo, Smile Group, and Segantii Capital.
Trivia Answer: SIMM
Stands for “Single In-Line Memory Module.” This is an older type of computer memory. A SIMM is a small circuit board with a bunch of memory chips on it.
SIMMs use a 32-bit bus, which is not as wide as the 64-bit bus dual in-line memory modules (DIMMs) use. Newer processors require a 64-bit memory bus, so it is best to use DIMMs. Sometimes you can get away with installing SIMMS, but they have to be installed in pairs.
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