The Egyptian startup had already secured a fund from Numu Capital, setting off to is shake up a $3 billion industry in the Middle East.
Is Bosta the future of delivery? Egyptian venture capital network Cairo Angels certainly thinks so. The investors announced an investment in the Egyptian delivery startup with an undisclosed amount yesterday, June 12h. A logistics tech startup focused on providing on-demand delivery services to businesses and individuals, Bosta has been attracting attention lately, and had already scored a major investment from Numu Capital back in early March.
Founded by Y-Combinator alum Mohamed Ezzat, Bosta is now poised to carve out a major niche for itself in the MENA’s $3 billion and growing logistics industry. The delivery platform allows customers to not only send and receive, but also track shipments with the single click of a button. Following the Cairo Angels investment, the startup plans to expand its loyal customer base into other areas in the MENA region. “We are very pleased to have closed the Bosta deal and look forward to working closely with the team to help them to realize their full potential,” said Aly El Shalakany, Chairman of Cairo Angels. Of Bosta’s future market potential, he continues, “we are very confident that Bosta can deliver a compelling solution to a very real problem that is clearly identifiable across emerging markets and beyond.”
Cairo Angels, an Egyptian VC with chapters in Cairo and London, focuses primarily on supporting early-stage startups in MENA. At the end of January, the company invested heavily in Amman-based Play 3arabi games publisher, its first Jordanian venture. Hirehunt, the gamified jobhunting site started by Egyptian entrepreneur Basil Fateen, is also one of Cairo Angels’ big investments.
Of joining the VC’s esteemed portfolio, Mohamed Ezzat, Founder and CEO of Bosta, said “we are very honored to be part of Cairo Angels’ investment portfolio, and to have them believe in our vision. Our team is now ready to disrupt the logistics industry backed up by great investors and mentors!”
Main image courtesy of Cairo Angels.)