Egypt’s Mylerz gets $9.6mln in funding round

Mylerz, Cairo-based parcel delivery company, announced on Wednesday that it had raised $9.6 million in a funding round.

This round was led by private equity firm Lorax Capital Partners and Egypt’s leading e-payment gateway Fawry.

Mylerz offers end-to-end solutions including fulfilment and last mile delivery, working s on 21 hubs at the moment in 14 different cities through Egypt and a fleet of over 350 eco-friendly vehicles. It plans to start operations in Algeria, Tunisia and Morocco by the third quarter of 2022, due to the funding support. The new operations will be besides expanding in Egypt.

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

Last year, Egypt-based startups received 42 percent of the total funding, that went to the transport, logistics and e-commerce industries, according to Magnitt, the region’s startup data platform.