Egyptian marketplace for used mobile devices raises funding
Egyptian e-commerce platform MobileMasr has secured $500,000 in a late seed round from angel investors in the UAE and Qatar. The investors, who are connected to the media and telecom industry, partnered with Intercap Capital Investment Bank for the funding. The valuation of the company was not disclosed.
MobileMasr plans to use the funds to strengthen its position as an e-commerce portal for used mobile phones and tablets. The company also plans to expand its offerings by launching new innovative products and services.
MobileMasr, founded two years ago by Wael El Ashry, is an e-commerce marketplace focused on the sale of both new and used mobile phones and tablets. The platform offers various payment solutions, nationwide shipping, and a credible warranty and return policy.
El Ashry stated that lack of trust is the main barrier to buying used phones online. However, by developing mobile diagnostics software that checks and reports on the phone, MobileMasr offers transparency and security that was previously lacking in the online used phone space.
Rafik Dalala, managing director of Intercap Capital, said that the firm’s Cairo office was established as an affiliate of Intercap Capital in Montreal, Canada, to assist companies and tech startups in their transactions and funding rounds. He expressed pleasure at partnering with Wael El Ashry and MobileMasr, adding that the firm looks forward to leading the next funding rounds and helping the business grow further in Egypt and beyond.