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Egypt’s ON Market raises US$215k pre-seed funding. 1 other story and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today

1. Egypt’s ON Market raises US$215k pre-seed funding

An Egyptian e-grocery marketplace, ON Market, has announced raising US$215,000 in pre-seed funding.

On Market CEO, Moataz Marzouk, confirmed the development in a statement on Monday.

Moataz noted that the latest funding will help the company to further expand across the country.

Ripples Nigeria gathered that On Market is a graduate of AUC Venture Lab’s acceleration programme in 2021.

The startup connects customers through their app with nearby grocery retailers, enabling them to order from multiple retailers in a single order.

The app-based startup was founded by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk in 2020.

Marzouk, while commenting on the intent and raiser, said:

“Our customers have trust and loyalty to brands and retailers that cannot be easily replaceable.

“We develop our products in-house to connect them with the retailers they trust and love, where they can follow their latest offers, pricing updates, and product availability.

“For the first time in the market, we allow them to order from multiple stores by placing only one order and getting it delivered all at once.”

Tech Trivia: Which service assigns a single virtual IP address (VIP) to multiple network devices?
Answer: see end of post

Read also:Female-led startup, Klasha, secures additional $2.1m seed round. 2 other stories and a trivia

2. Saudi’s Torod secures $1.4m in seed round

A Saudi-based e-commerce platform, Torod, has secured a $1.4m (SAR 5m) in seed round led by IMPACT46.

Faisal Al Mukhles, CEO & Co-founder of Torod, on Monday, disclosed this in a statement signed by the company.

According to Faisal, the funding also saw participation from local investors including Hala Ventures and Seedra Ventures.

Founded by Faisal Almaklas and Ammar Almaatouq in 2022, Torod helps e-store owners ship, track and manage returns from a single screen.

Speaking on the development, Faisal explained that the startup has been helpful especially during the post pandemic when online business soared.

He said: “Post the covid pandemic the number of online buyers jumped and many businesses moved to online selling and that comes with a higher expectation from the shoppers for good delivery service.

“To meet these expectations, E-commerce has to enhance the delivery checkout experience and make sure it’s backed by the best-fit delivery partner reflecting the same values merchants are aspiring.

“Here Torod comes to help the merchants control and monitor the whole process by catering to customers’ variant needs.”

Trivia Answer:NAT

NAT stands for “Network Address Translation.” NAT translates the IP addresses of computers in a local network to a single IP address.

This address is often used by the router that connects the computers to the Internet.

By Kayode Hamsat

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