Egyptian digital freight forwarding platform, Nowlun, has announced raising $1.7 million in seed funding, which is a significant milestone for the Middle East and North Africa (MENA) logistics sector.

The seed funding round, according to Nowlun’s CEO, Moataz Khamis, was led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors.

In a statement announcing the funding, Khamis said the investment will fuel Nowlun’s ambitious expansion plans and accelerate the development of its innovative technology platform, which is transforming the logistics industry by offering instant, transparent, and competitive ocean freight rates, streamlined shipment management, and real-time visibility into cargo movements.

Founded in 2021 by Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun has rapidly established itself as a key player in the MENA logistics market, integrating all major shipping lines, providing businesses with unparalleled access to real-time pricing and enabling them to make faster, more informed decisions.

“Nowlun’s advanced shipment management system offers a comprehensive control tower, allowing users to track their cargo in real-time, receive instant notifications, and proactively manage any issues,” Khamis said.

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face.

“Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he added.

Egyptian online car retail startup, Sylndr, has announced securing a $7.45 million working capital facility from the Investment Banking division of EFG Hermes.

The facility funding which is structured as the first asset-backed financing arrangement of its kind in Egypt, will enable e-commerce platform to integrate a sustainable and innovative financing mechanism into its strategy, according to co-founder and CEO, Omar El Defrawy.

“This transaction is not only a major milestone for Sylndr but also a benchmark for startups in Egypt

“The deal underscores our commitment to delivering cutting-edge financial solutions that empower companies to grow while navigating challenges effectively.”

While announcing the new funding, Defrawy noted that the financing package was provided by EFG Financial Solutions, Next Bank, and the Egyptian Gulf Bank. Designed to align with Sylndr’s growth aspirations, the facility also sets a precedent for other lenders considering innovative structures for credit provision to emerging businesses.

“Sylndr aims to utilise the working capital to expand its reach and operational efficiency while improving the overall customer experience.

“The company’s mission revolves around creating a reliable and transparent platform for buying and selling used cars. With the new funds, Sylndr plans to introduce a wider variety of financing solutions, further solidifying its position as a leader in Egypt’s growing used car market.

“This funding will allow us to explore new opportunities, maintain our commitment to transparency, and redefine how customers interact with the used car market,” he said.

Sylndr which specializes in the used car market, was founded by founded by El Defrawy and Amr Mazen in November 2021, as an automotive-focused e-commerce marketplace which allows customers to reliably and transparently sell and buy used cars.