Lorax Capital Partners has led an investment in an Egyptian last-mile delivery and fulfillment startup alongside Fawry. The Cairo-based private equity firm and Egyptian payments company are investing $9.6 million in Mylerz, a startup that provides delivery services across Egypt. The business, which was launched by its CEO Samer Gharaibeh in 2019, currently operates a fleet of more than 350 vehicles and 21 local fulfillment hubs and has delivered some two million packages since it was set up. Valuation and deal terms have not been disclosed.
Mylerz will use the capital from the round to scale its operations in Egypt and expand into neighboring markets in North Africa. Part of the investment will also fund the construction of a brand new 25,000 square metre, AI-enabled, cross-docking fulfillment west of Cairo by the end of this year. The business’s market opportunity is considerable, as Africa’s eCommerce sector is expected to be worth as much as $180 billion by 2025.
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