Business-to-business (B2B) eCommerce fashion startup Gahez raised $ 2 million in a pre-seed funding round led by Disruptech Ventures, featuring Egypt Ventures, Tanmeyah, Afropreneur fund and other angel investors, he reported. Wamda.com.
Based in Egypt, the Gahez digital marketplace was launched late last year and aims to streamline the process between retailers and manufacturers and increase the online trading cycle. The startup focuses on a data-driven approach to help fashion retailers avoid supply problems.
According to the report, Gahez also offers merchants lines of credit to make the collection process less burdensome while leveraging third-party aggregators to manage cash settlement with suppliers.
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“Our mission is to revolutionize the way retailers shop for their stores by alleviating the stress of management and procurement. We believe the Egyptian / African clothing market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position himself within the sphere, “said the co-founder and CEO of Gahez Wael Olama.
“The size of the apparel market in Egypt amounts to 24 billion dollars, making the potential of the market infinite. In addition to Egyptian apparel exports worth around $ 2 billion, mainly to US and EU markets, there is huge growth potential in African markets, and this can only happen quickly through the digital world. “added Olama.
Gahez’s platform provides both brands and manufacturers with the solutions they need to power sales, marketing and analytics. The tools are intended to help companies streamline operations and identify the best products for business growth.
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Since launch, Gahez has expanded its presence in 16 of the 27 governorates across Egypt and is working with over 15,000 merchants and 142 manufacturers. The startup has also integrated over 4,000 SKUs.
The new capital infusion will be used by Gahez to develop its technology and recruit talent for future expansion.