Investor Updates: Egypt’s Bosta expands to Saudi Arabia, raises pre-Series B funding

Egypt’s Bosta expands to Saudi Arabia, raises pre-Series B funding

Highlights

• Egypt-based e-commerce delivery solutions provider Bosta has announced its expansion to Saudi Arabia after completing an undisclosed Series B funding round led by Khwarizmi Ventures and Hassan Allam Holding in addition to other investors.
• The company earlier announced plans to expand to the UAE by the end of 2022, part of Bosta’s plan to spread and offer its services across the Middle East after a very successful launch in Egypt.
• Since its founding in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta has managed to deliver over 10 million shipments.

Source: Disrupt Africa

Our Takeaway

E-commerce and logistics are currently booming across the Middle East and North Africa (MENA). A recent report shows that the total value of requests made through delivery applications in Saudi Arabia had reached more than $533 million since the beginning of the COVID-19 crisis, with total requests amounting to 26 million, an increase of up to 250% when compared to pre-pandemic numbers.

---

Nigerian proptech startup Spleet raises $625k pre-seed

Highlights

• Nigerian proptech startup Spleet has raised a US$625,000 pre-seed funding round to help it roll out a new product that provides tenants with affordable loans to help them pay their rent.
• Founded by Tola Adesanmi in 2018, Spleet allows homeowners to rent to vetted individuals, while also helping people easily find places to stay. The startup enables landlords to verify and vet tenants and also automates rent collections.
• The funding will be used to build Spleet’s newest rent financing product – “Rent Now Pay Later” – and other products to enable seamless residential rental processes.

Source: Business Insider Africa

Our Takeaway

In Nigeria and Africa at large, affordability remains one of the biggest pain points for residents in urban areas when it comes to housing. This is partly because most tenants earn their incomes monthly and often find it difficult to afford the typical 1-2 years of advance rent demanded by homeowners. Amid the rising trend in credit products, from digital lending to BNPL, Spleet has set out to test a solution, “Rent Now, Pay Later”, to help tenants get homes with as little as 1-2 months’ rent worth of savings. With the product in beta testing, it may be too soon to judge how the market will react to this new housing financing option.

---

Shatablee raises $1.2 million for its interior design platform

Highlights

• Shatablee, an Egypt-based interior design and home renovation startup, has raised $1.2 million to accelerate its expansion in its home market.
• Founded in 2021 by Mostafa Amer, the startup offers a 3D technology-powered digital platform where users can build and customize home designs in less than 30 minutes and then have the entire renovations complete in the span of 90 days.
• The capital raised will be used to empower the company’s ambitious growth strategy and the implementation of its expansion plans in its home market. 

Source: Wamda

Our Takeaway

Shatablee is one of the interesting startups springing up from the budding property-tech space in Africa and its unique model is aimed at tackling the diverse finishing problems in the booming Egyptian market. In 2020, the real estate industry approximately contributed $62 billion to Egypt’s GDP with the design and build industry accounting for approximately 30% of that number.