Egypt-based e-commerce start-up Kenzz has raised $3.5 million in early-stage funding to hire people, develop products, invest in technology and launch an app.
The seed-stage funding round was led by Outliers Venture Capital, a VC fund backing early-stage outlier founders in the US, Middle East and North Africa. Global technology investment firm HOF Capital, Foundation Ventures, Samurai Incubate and angel investors were among the participants in this round.
"The time is ripe to fully optimise e-commerce in Egypt and Mena," said Ahmed Atef, chief executive of Kenzz. "We have designed Kenzz to appeal specifically to people not yet convinced that e-commerce is a practical and mainstream mode of shopping."
Egypt, the Arab world’s most populous country, is banking on sectors such as technology and start-up ecosystems to diversify its economy.
Venture capital funding in Egypt more than doubled to $307 million in the first half of the year from 2021, ranking it third in the Mena region, according to start-up data platform Magnitt. The number of deals in the country also grew by 22 per cent annually to 78 during the first six months of the year.
Founded in 2022 by Ahmed Atef, Mahmoud AlSilk and Moataz Sami, Kenzz provides e-commerce services to consumers across Egypt and Mena. Kenzz’s platform digitises the offline shopping experience, giving discounts of up to 65 per cent.
The company's business model involves sourcing products directly from manufacturers and importers, and offering consumers deeper discounts when they share or buy with friends and family.
Group orders can also be sent to single locations to reduce delivery fees for consumers and logistics costs for Kenzz, it said.
"Kenzz is bridging the gap between traditional offline and online shopping with a model reflecting the everyday behaviour and needs of the consumer masses and making it easily accessible," the start-up said.
"Kenzz addresses the primary reasons [why] consumers are reluctant to purchase online: a lack of trust, availability of bargains, complexity, a one-way transactional process, no personalisation, little insightful relevancy, and redundant technology."
Kenzz’s model benefits local manufacturers and SMEs too — by giving them access to data, insights, and potential hard-to-reach end users — to grow their business, it said.
"Kenzz is solving two key issues that current e-commerce incumbents are not addressing: affordable and reliable last mile logistics and an uncompromising customer trust philosophy," said Sarah AlSaleh, partner at Outliers Venture Capital.
Omar Barakat, managing partner at Foundation Ventures, said the platform was built to cater to the masses.
"Kenzz is socialising the purchasing experience, allowing people to unlock value by buying in groups," he said. "This leverages Egyptians' social nature whilst providing them with affordable and reliable products. Kenzz’s platform is built to serve the masses."
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
STAR%20WARS%20JEDI%3A%20SURVIVOR
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MATCH INFO
Euro 2020 qualifier
Russia v Scotland, Thursday, 10.45pm (UAE)
TV: Match on BeIN Sports
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
