Egypt's Nowlun secures $1.7 million in seed funding for its freight forwarding platform
Nowlun, a digital freight forwarding platform based in Alexandria, has raised $1.7 million in a seed funding round. The funding round was led by Nama Ventures and A15, with participation from Sanabil 500 Global and angel investors [1].
The investment in Nowlun was deemed interesting by Nama Ventures due to its deep domain expertise, strong traction in the Saudi market, and clear vision for disrupting the logistics space. A15, on the other hand, expressed excitement about partnering with Nowlun, believing that its unique combination of domain expertise and technology will drive transformative impact [1].
Nowlun was founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara. The platform allows customers to compare rates from over 30 shipping lines in real-time, offering a streamlined shipping process from price comparison to customs clearance and inland trucking [3]. It also integrates with major shipping lines to offer real-time pricing and shipping management features, including tracking of shipments [5].
Nowlun offers its services all over the region from its offices in Egypt and Saudi. The platform's user-friendly online interface enables fast booking of freight shipments for importers, exporters, and freight forwarders [1]. The ease of use is highlighted by a step-by-step online guide to booking shipments in seconds, showcasing its customer-centric approach [1].
The funding will be used for expansion and technology platform development. Nowlun's commitment to transforming the industry using cutting-edge technology, as expressed by CEO and co-founder Moataz Khamis, aligns with these plans [1]. Bassem Raafat, Principal at A15, also emphasised the potential of Nowlun's services, stating that its unique combination of domain expertise and technology will drive transformative impact [1].
With this significant seed funding, Nowlun is poised for growth and expansion, offering comprehensive digital freight forwarding solutions with the potential to revolutionise the logistics industry.
[1] TechCrunch (2022) Nowlun raises $1.7 million to digitize the freight forwarding industry in Egypt and Saudi Arabia. [Online] Available at: https://techcrunch.com/2022/03/17/nowlun-raises-1-7-million-to-digitize-the-freight-forwarding-industry-in-egypt-and-saudi-arabia/ [2] MENAbytes (2022) Nowlun, the digital freight forwarding platform for Egypt and Saudi Arabia, raises $1.7 million in seed funding. [Online] Available at: https://menabytes.com/nowlun-raises-1-7-million-in-seed-funding/ [3] Nowlun (n.d.) Homepage. [Online] Available at: https://nowlun.com/ [4] Ingressive Capital (2022) Nowlun raises $1.7 million to digitize the freight forwarding industry in Egypt and Saudi Arabia. [Online] Available at: https://ingressivecapital.com/portfolio-company/nowlun/ [5] Wamda (2022) Nowlun raises $1.7 million to digitize freight forwarding in Egypt and Saudi Arabia. [Online] Available at: https://wamda.com/2022/03/nowlun-raises-1-7-million-to-digitize-freight-forwarding-in-egypt-and-saudi-arabia/
The investment by Nama Ventures and A15, as well as other participants, was motivated by the combination of Nowlun's domain expertise and technology, aiming for disruptive potential within the logistics space. Currently exploring the use of funds for expansion and technology platform development, Nowlun underlines its dedication to revolutionizing the industry with cutting-edge technology.
