Egyptian supply chain tech startup Qara raises $2.6 million funding round to drive its expansion into Saudi Arabia.
Qara empowers producers with a fully integrated digital platform, ensuring product authentication and full traceability to the end consumer, while also enabling businesses to connect with their entire markets and leverage insights for smarter, data-driven decision-making.
The company has successfully collaborated with over 35 manufacturers and product suppliers to authenticate over 28 million product units and connected them with over 50,000 business users across the supply chain in Egypt, Saudi Arabia and Kenya.
Read Also: How Kenya’s ZOPA 254 is Helping African Retailers Reduce Stockouts
What the fund will be used for
It has now secured US$2.6 million in funding from strategic investors to power its further expansion into Saudi Arabia. This will be supported by the National Technology Development Programme’s (NTDP) Relocate Initiative, which offers a range of attractive incentives and support elements, ensuring a smooth and efficient incorporation into the Saudi tech ecosystem.
“I believe the challenges we’re addressing meet a significant global demand. After three years of a successful product-market fit in Egypt, Qara is now ready for international expansion. We are excited that our first step is into the Kingdom of Saudi Arabia, where what we do aligns perfectly with the Saudi Vision 2030 objectives to foster value creation through innovation and technology,” said Qara co-founder and CEO Hassan Abouzeed.
“Our aim is to revolutionise manufacturers’ B2B2C marketing and distribution capabilities through innovative digital solutions. Qara’s team believes in the economic and social value our platform brings by verifying product authenticity, providing supply chain visibility, eliminating redundancies, and delivering better outcomes for every participant in our ecosystem.”
Leave a comment below and follow us on social media for update:
- Facebook: Today Africa
- Instagram: Today Africa
- Twitter: Today Africa
- LinkedIn: Today Africa
- YouTube: Today Africa Studio
