Sharwa, an Egyptian startup, has raised $2 million in seed funding as it prepares to launch its mobile app, which it claims is the first social commerce app in the Middle East.
Sharwa, founded earlier this year by Alaa Shalaby, Hassan Elshourbagi, and Mohamed Hanafy, offers customers low prices on approximately 1,000 grocery, appliances, and household items, as well as huge discounts on bulk orders and next-day delivery.
“Sharwa’s platform is the true translation of the sharing economy concept, as reality now requires everyone to search for the simplest and cheapest way to get the needs of their home, which can be achieved through the shared online shopping experience offered by our platform,” Shalaby said.
The app’s release comes after the startup received a US$2 million seed funding round from Nuwa Capital, Hambro Perks Oryx Fund, and other investors. Elshourbagi stated that the company was now working on implementing its expansion plan in various governorates throughout Egypt, having begun in Cairo.