Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East, and Africa, announces its investment in Bosta, according to a statement.
Bosta, a logistics tech startup based in Cairo is an on-demand delivery platform that allows customers to send, receive, and track deliveries at the push of a button.
The company said it plans to use the investment to increase its product offering and to grow to other markets in the MENA region.
The Cairo Angels investment follows a previous investment by Dubai-based Numu Capital.
The Company is now well capitalised to grab a significant stake in this fast growing and exciting sector.
Aly El Shalakany, chairperson of Cairo Angels, said, “We are very pleased to have closed the Bosta deal and look forward to working closely with the team to help them to realize their full potential. We are very confident that Bosta can deliver a compelling solution to a very real problem that is clearly identifiable across emerging markets and beyond.”
Mohamed Ezzat, founder and CEO of Bosta, said, “We are very honoured to be part of Cairo Angels’ investment portfolio, and to have them believe in our vision.
The logistics industry is valued at around $3bn in the MENA region and is expected to double in the next three years after the entrance of big ecommerce players like Amazon in the region.