Kenzz, Egyptian e-Commerce Solution Secures $3.5 Million Seed Funding

The MENA region’s and Egypt’s mass e-commerce solution, Kenzz, announces the successful completion of a US$3.5 million seed fund campaign.

Outliers Venture Capital, a venture capital firm that supports early-stage outlier creators in the US and MENA, led the funding round. Other investors, including angel investors, were Foundation Ventures, Samurai Incubate, and HOF Capital, a worldwide technology investment firm.

Kenzz’s CEO, Ahmed Atef, stated: “We are happy to have completed this initial fund raising, and we appreciate the support of all of our investors. In Egypt and the MENA region, the moment is right to completely utilize eCommerce. We especially created Kenzz to appeal to those who aren’t yet convinced that online purchasing is a useful and common practice. In order to bring relevance, convenience, trust, and value, we are redefining the buying experience. We have high confidence in the future.

The funds will be used to continue hiring top people, expand product categories and put together a wide range of goods to cater to the preferences and tastes of many customer segments, invest in technology, and soon release its new app.

Ahmed Atef, Mahmoud AlSilk, and Moataz Sami founded Kenzz this year to offer the people of Egypt and the MENA region a leading, dependable mass ecommerce solution. With discounts of up to 65%, Kenzz’s customer-centric platform digitizes the offline experience to make it engaging, enjoyable, and social for users across all customer touchpoints. Internet usage statistics and shopping data conceal the fact that eCommerce has not yet been completely realized and optimized in Egypt and the wider MENA region.

The foundation of Kenzz’s business strategy is sustainability, which rejects expansion at any costs and excessive capital burn. The business concept is buying goods directly from producers and importers and giving customers larger discounts when they share or purchase items for a larger group of people.

The greatest prices for customers can be obtained by Kenzz by sourcing directly from manufacturers and importers. The viral growth of referrals to Kenzz lowers the company’s acquisition costs further. In order to lower delivery costs for customers and Kenzz’s logistical expenses, group orders can also be transported to a single location.

Kenzz is bridging the gap between traditional offline and online shopping with a model that easily reflects the demands and daily habits of the consumer masses. Lack of trust, the availability of deals, complexity, a one-way transactional procedure, a lack of personalisation, a lack of insightful relevancy, and duplicate technology are the main objections consumers have to making purchases online, which are all addressed by Kenzz.

By providing them with access to data, insights, and prospective hard-to-reach end users, Kenzz’s model helps local manufacturers and SMEs build their businesses.

“Kenzz is solving two fundamental challenges that existing e-commerce incumbents are not addressing: inexpensive and dependable last mile logistics and an unwavering consumer trust ethic,” said Sarah AlSaleh, Partner at Outliers Venture Capital. The depth and diversity of the founding team of Kenzz puts them in a great position to combine a wide range of skills and talents to create a firm that defines its category and is Egypt’s e-commerce champion.

“We are happy to be working up with an incredible team that has a plethora of experience across technology, marketing, and operations to establish the region’s first fully inclusive eCommerce platform,” said Omar Barakat, Managing Partner at Foundation Ventures. The purchase process is becoming more sociable thanks to Kenzz, which enables customers to save money by shopping in groups. This takes advantage of the social character of Egyptians while offering them items that are reasonable and trustworthy. The general public is the focus of Kenzz’s platform.