Egypt’s Delivery Startup Mylerz Raises Funds For Africa Expansion Plans

Egypt’s-Delivery-Startup-Mylerz-Raises-Funds-For-Africa-Expansion-Plans

Cairo-based parcel delivery company, Mylerz has raised $9.6 million in a funding round led by private equity firm Lorax Capital Partners. Fawry, Egypt’s leading e-payment gateway also participated in the funding.

Mylerz provides end-to-end solutions including fulfilment and last-mile delivery. Currently, Mylerz operates 21 hubs in 14 different cities across Egypt and has a fleet of over 350 eco-friendly vehicles.

Besides expanding in Egypt, the funding will enable Mylerz to start operations in Algeria, Tunisia and Morocco by Q3 2022.

“The investment will enable Mylerz to construct and open a brand- new AI-enabled, automated 25,000 sqm cross-docking fulfillment center West of Cairo by Q4 2022 and to augment its current 1,500 sqm fulfillment center,” the company said in a statement.

Last year, 42 per cent of the total funding secured by Egypt-based startups had gone to the transport, logistics and eCommerce industries, according to Magnitt, the region’s startup data platform.