Cairo Angels Invests in Logistics Startup - Bosta
Cairo Angels, a global network of angel investors focused on supporting startups in Egypt, the Middle East, and Africa, announced its investment in Bosta, a logistics startup based in Cairo. The Cairo Angels investment follows a previous investment by Dubai-based seed fund, Numu Capital.
Founded by Y Combinator alumnus Mohamed Ezzat, the on-demand delivery platform allows customers to send, receive, and track deliveries at the push of a button. Already operating in Egypt, Bosta plans on using the investment to increase its product offering and to grow to other markets in the MENA region.
Aly El Shalakany, Chairman of Cairo Angels, said: “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. 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”.
Mohamed Ezzat, Founder and CEO of Bosta, said: “We are much 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!”
On another note, the Logistics industry is valued around $3Bn in the MENA region and is expected to double in the next 3 years after the entrance of big ecommerce players like Amazon in the Region.