Omniful raises $5.85m with plans to expand in North Africa
Supply chain and e-commerce facilitator Omniful has emerged from stealth mode, securing $5.85 million in seed funding led by VentureSouq. Other contributors to the funding round include 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, RZM Investments, and several family offices.
Operating out of the UAE and Saudi Arabia, Omniful has developed comprehensive systems for ordering, warehouse management, and transport management. These systems empower merchants to leverage hyperlocal and omnichannel commerce, efficiently manage orders, and monitor inventory in real time. Additionally, its technology equips third-party logistics providers (3PLs) to optimize their workflows.
The recent funding paves the way for Omniful's expansion plans, which involve growing its customer base in other regions, notably Africa and India, where it already maintains a research and development center.
The Middle East and North Africa (MENA) region's e-commerce market is poised for significant expansion, with the total market size anticipated to reach $57 billion by 2026. This projection reflects a CAGR of 11% over the period from 2022 to 2026. In 2022, the market already reached $37 billion, experiencing double-digit growth compared to 2021 and a remarkable 32% CAGR over the 2018-2022 timeframe. Notably, countries like the UAE and Saudi Arabia are expected to maintain their leadership positions in e-commerce market share, while nations such as Egypt and Algeria are anticipated to witness robust growth. Several factors contribute to the MENA region's impressive double-digit growth, including widespread internet usage, a well-established infrastructure, and supportive policies. Key trends that have played a role in this growth include the increasing popularity of digital payment platforms, a surge in online grocery shopping, and the expansion of tech initiatives. Additionally, economic stability, substantial investments in technology, and a young, tech-savvy population have further propelled the robust development of the digital landscape in the MENA region.