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.

By stepping up its regulatory monitoring of the rapidly growing fintech industry, the Nigerian government, through the Securities and Exchange Commission, has reiterated its commitment to protecting investors.

SEC Director-General Emomotimi Agama revealed this in a statement during a one-day capacity training for financial journalists in Abuja on Sunday.

Agama gave stakeholders the assurance that rules will be enforced by the Commission to prevent money misappropriation and guarantee that FinTech companies follow capital market norms.

“It is time for fintech operators to be held accountable to the rules of the capital market, particularly when raising funds,” Agama said, emphasising the need for a regulatory environment that fosters innovation while maintaining investor protection.

Hasfat Rufai, the Director of the SEC’s Registration, Exchanges, and Market Infrastructure Department recognised the difficulties posed by the emergence of digital platforms, cryptocurrencies, and fintech companies during a panel discussion at the event.

Rufai emphasised the Commission’s will to safeguard investors’ interests despite these recent upheavals.

“While these trends bring new opportunities, they also come with challenges, particularly around regulation and investor protection,” she noted.

“The digital age has transformed the investment landscape, offering greater accessibility, innovation, and opportunity,” Rufai added, going into additional detail about the changes in the investment industry. Investors must embrace technology, seek information, and make wise investment decisions to adjust to this changing climate.