B2B e-commerce fashion startup Gahez has raised $2m in a pre-seed funding round led, Disruptech Ventures, with participation from Egypt Ventures, Tanmeyah, Afropreneur fund, and other angel investors.
Making its debut towards the end of 2021, Egypt-based Gahez operates as an online marketplace that set out to transform the wholesale distribution platform by streamlining the process between retailers and manufacturers.
By adopting a data-driven approach, Gahez said it has successfully unburdened fashion retailers from the current inefficacy and obstacles in procurement and has facilitated their selection of products and sourcing options. In addition, Gahez provides on-credit facilities to the retailers easing the collection process while handling their cash settlement with suppliers via third-party aggregators.
The startup said it will channel its newly acquired funds into building world-class technology and hiring top talent that will enable it to cater to all the targeted customer segments and pursue future expansion.
Gahez co-founder and CEO Wael Olama said, “We are on a mission to revolutionise the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian/African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position itself within the sphere.
“The market size of apparel in Egypt amounts to $24bn rendering the market potential infinite. Alongside, Egypt’s exports around $2bn worth of apparel mostly to the US and EU markets, there’s a huge potential for growth in the African markets, and this can happen rapidly only through the digital world.”
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