Egypt's fashion marketplace Gahez raises $2 mn in pre-seed funding

Gahez will use the funds to accelerate its growth and drive geographical expansion. It also aims to build world-class technology and hire top talent to cater to its targeted customer segments.

“We are on a mission to revolutionise the way retailers shop for their stores by relieving the stress of managing and sourcing. We believe that the Egyptian/African apparel market is untapped and widely fragmented, which provides Gahez with the perfect opportunity (relying on technology) to scale and position itself within the sphere. The market size of apparel in Egypt amounts to $24 billion rendering the market potential infinite. Alongside, Egypt’s exports around $2 billion worth of apparel mostly to the US and EU markets, there’s a huge potential for growth in the African markets, and this can happen rapidly only through the digital world,” Gahez co-founder/CEO Wael Olama said in a statement.

Gahez operates as an online marketplace and streamlines the process between retailers and manufacturers, providing an improved online trading cycle. It adopts a data-driven approach and provides on-credit facilities to the retailers easing the collection process while handling their cash settlement with suppliers via third-party aggregators.

Fibre2Fashion News Desk (KD)