- GroDesto, Algerian logistics platform, has announced that it has successfully raised 200 million DA (US$1.4M) through a public offering in order to become a joint stock company (SPA).
GroDesto is an initiative to enable the distribution of consumer goods in Algeria. The startup consists of a mobile application and a website for logistics distribution.
The project was awarded the “Innovative Project” label by the Algerian Ministry of the Knowledge Economy, Startups, and Micro-Enterprises on August 12, 2021.
Mustapha Siaci, the founder of the startup, stated,that GroDesto is the first Algerian company founded through a public call for investment in order to fund its logistics distribution platform in compliance with the Algerian commercial code’s regulations.
The information notice that was submitted for the incorporation of the new company through a public offering was approved by the Commission for the Organization and Supervision of Stock Market Operations (COSOB).
According to the announcement, 200,000 shares with a nominal value of one thousand dinars each were made available to the public between May 5 and August 28.
Siaci predicts that by the year 2023, GroDesto will be responsible for the creation of more than 50 direct jobs and more than 1,200 indirect jobs.
He thanked all the shareholders and parties who contributed to the success of this first fundraising effort by an Algerian startup and noted that the participants at the general meeting unanimously approved the company’s bylaws, the composition of its board of directors, and the appointment of its auditor.