Fincart, an Egyptian startup building an AI-powered operating system for e-commerce merchants, has raised a $2.8 million seed round to expand across Africa and the Middle East after pivoting beyond logistics software into merchant finance and business automation.
Launch Africa, a pan-African venture capital fund, and Antler MENAP, the early-stage fund focused on the Middle East, North Africa, and Pakistan regions, co-led the funding round, with participation from Yango Ventures, Five35 Ventures, Bluestream Capital, Hi2 Global, Kalahari Venture Labs, and other unnamed investors.
The raise comes 18 months after Fincart’s undisclosed pre-seed round and coincides with the startup’s pivot from a logistics management platform into an AI-powered operating system for e-commerce merchants. Egypt’s e-commerce market is projected to grow to $20.15 billion by 2031, creating opportunities for startups building software and financial infrastructure for merchants.
Fincart said it will use the funding to scale its commercial and tech teams, invest in product development, and forge new commercial partnerships to strengthen its position in its home market.
“With our strategy focused on strengthening the e-commerce ecosystem, this investment will enable us to deepen our partnerships, enhance our AI-powered platform, expand our infrastructure, and accelerate our growth across Africa and the Middle East,” said Mostafa Masry, Fincart’s co-founder and chief executive officer.
