EGYPT – Egyptian electronics e-commerce platform Tejarra.com has raised seed investment from venture capital (VC) firm Openner, Egypt’s first Venture Builder model.
Through the partnership, Openner will not only offer capital, but also in-depth, hands-on technical support, scientific expertise and additional resources for the platform’s marketing and sales operations as well as its market success and positioning.
“In an already fast paced world, with challenges that rise every day, both consumers and retailers around the region are seeking new and innovative shopping and marketing solutions respectively,” said Islam Erfan, Founder and CEO of tejarra.com.
“After closely monitoring both local and regional trends, tejarra.com team identified an unfilled space on the ecommerce platforms that would act as our entry point. The partnership with Openner will enable us to streamline our market success and solidify our position among other market players.”
Openner is introducing a new distinctive venture model for entrepreneurs in Egypt. The company is a “Venture Builder” with three streams: build new ventures, invest in existing ones and partner with the corporations to unlock new business models.
“The partnership with Openner will enable us to streamline our market success and solidify our position among other market players.”Islam Erfan – Founder and CEO, Tejarra.com
Openner’s Founder and General Partner, Ash Rofail, stated his excitement about investing in tejarra.com and his confidence in the high returns expected from this round of funding.
“Tejarra.com is specialising only in the category of electronics that is gaining a huge momentum in the online sphere, attracting an increasing base of online shoppers,” he said.
“The founders’ deep domain, market and distribution knowledge and experience combined with their long-standing relationships with wholesalers in a niche market is what helped them optimise their reach to consumers, while providing a best price and best service buying experience.”
Launched in January, Tejarra is a consumer electronics marketplace that has attracted more than 50 vendors to its platform offering more than 18,000 products, where wholesalers, suppliers, and vendors sell electronic consumer goods, ranging from fridges, TVs, printers to video games, wearables, computers, tablets and mobile phones, fitness and personal care equipment.
Tejarra.com, which aims to sell EGP 100 million (US$6.38m) in appliances, electronics, and gadgets by the end of the year, focuses on B2C and B2B solutions for selling appliances, electronics, and gadgets in a dedicated and specialized marketplace. Buyers and sellers will benefit from focusing on this specific area.