- Ashraf Sabry, CEO of Fawry, said the investment in Mylerz is part of its strategy “to build an integrated commerce ecosystem in Egypt and explore international expansion opportunities with strong partners like Mylerz and Lorax.”
Mylerz, a Cairo-based e-commerce fulfillment startup, plans to enter three new markets in North Africa and expand across Egypt over the next three months against the backdrop of the $9.6 million funding it has just secured.
The startup also has its eyes on the growing e-commerce market in East Africa, with the long-term goal of growing into a pan-African shipping logistics provider – by tapping the e-commerce market in Africa, which has experienced 18% annual growth since 2014.
Mylerz growth funding round was led by Lorax Capital Partners, an Egypt-based private equity firm with participation from Fawry, one of the biggest e-payment companies in Egypt. As Mylerz expands to Algeria, Tunisia and Morocco, Fawry, its payments partner, will come along to provide electronic payment and cash collection services.
“Our immediate plan is expanding across Egypt, opening new markets and facilitating cross-border trade for our customers. We have the right partners to make this happen and to grow our end-to-end logistics platform,”Mylerz Founder and CEO, Samer Gharaibeh,
Gharaibeh founded Mylerz in November 2019 borrowing from his experience at Aramex, a UAE-based multinational logistics and fulfillment company, where he worked for 23 years with his last role being head of Africa.