Egypt - Gahez Market, which specialises in e-commerce for ready-to-wear and leather products, has raised $2m in a pre-incorporation financing round led by the Disruptech Ventures Fund.
The round also included Egypt Ventures, Afropreneur Fund, EFG Hermes subsidiary Tanmeyah, and other strategic angel investors.
Gahez Market was established in 2021 as the first digital platform to digitise the B2B fashion supply chain in the region and was able to expand its operations to 16 governorates across Egypt. It includes more than 15,000 retailers, 142 factories, and more than 4,000 storage units. Gahez works with traditional stores, online sellers, and street vendors as well.
The company operates as an online marketplace aiming to transform the wholesale distribution platform by simplifying the process between retailers and manufacturers to provide a new online business cycle by providing a data-driven approach.
Gahez successfully removes the burden off retailers’ shoulders and simplifies how they choose their products with Supplier Sourcing Options. Additionally, it provides credit facilities to retailers to expedite the collection process through cash settlements with suppliers.
It also takes advantage of underserved street retailers and provides them with smaller transactions to enable them to make purchases through the Gahez platform to enable their trading capacity and better increase their profit margins.
Given the strong demand from neighbouring African countries, Gahez will work to accelerate its growth and geographic expansion within the region by meeting the needs of different markets.
“Our mission is to revolutionise the way retailers market their stores by relieving management and supply pressures. Gahez provides an ideal opportunity by relying on technology to expand its business in this vital field,” said Wael Alma, the company’s founder and CEO.
He explained that the size of the clothing market in Egypt is $24bn, which makes the potential market endless, in addition to Egypt’s clothing exports, which are worth about $2bn and are exported to the US and EU.
“We saw that there is huge potential for growth in these markets, and that it can only happen quickly through the digital world and by relying on modern technology.”
“We are excited to support Gahez’s business expansion plan through our seat on the board of directors and to share in the company’s strategic vision. As Gahez’ team paves the way for the digitisation of the wholesale fashion market in the region… we are confident that they will be able to achieve their strategic goals,” said Mohamed Okasha, the Managing Partner of Disruptech.
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