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Egypt’s Mylerz closes $9.6M funding round

Egypt’s Mylerz closes $9.6M funding round

ArabFinance: Egypt-based parcel delivery company Mylerz has raised $9.6 million in a funding round, according to an emailed press release on May 11th.

The round was led by Lorax Capital, with the participation of Fawry for Banking Technology and Electronic Payment (FWRY).

The company will use the funding to expand its operations in North Africa as well as to support its cash collection services for merchants.

“We plan on taking our experiences from Egypt to begin operations in Tunisia, Algeria, and Morocco by the third quarter (Q3) of 2022,” Mylerz’s Founder and CEO Samer Gharaibeh commented.

“This regional footprint will allow our customers to benefit from connected trade corridors across markets, which is key for our wider strategy to position Mylerz as the leading logistics partner for e-commerce across Africa,” Gharaibeh added.

For his part, Ashraf Zaki, Managing Partner at Lorax Capital Partners, said that Lorax supports Mylerz to become Africa’s first fully integrated e-commerce logistics player by offering premium customer and delivery services to both regional businesses and consumers.

Meanwhile, the CEO of Fawry Ashraf Sabry noted that Fawry’s investment in Mylerz comes as part of its strategy to create an integrated commerce ecosystem in Egypt and to discover international expansion opportunities with strong partners like Mylerz and Lorax.

Established in 2019, Mylerz is an integrated e-commerce last-mile delivery and fulfillment company that currently operates a fleet of more than 350 eco-friendly vehicles and 21 local fulfillment hubs across Egypt.

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