(Bloomberg) — Mylerz, an Egyptian parcel delivery and logistics startup, said it secured $9.6 million in a funding round led by Lorax Capital Partners and will now expand across North Africa.
Lorax, an Egypt-focused private equity firm, was supported by Fawry for Banking & Payment Technology Services SAE, the leading payment processor in Egypt, Mylerz said in a statement.
The delivery company will over the next three months expand into Algeria, Morocco and Tunisia, Samer Gharaibeh, Mylerz’s founder and chief executive officer, said in an interview. That will enable online merchants to trade across North Africa, he said.
“We will need to do another round, the plan is Africa,” Gharaibeh, a former Africa head for Aramex PJSC, said. “Then we got to the east part of Africa, we look at the west and the east as well.”
That expansion and funding round could be in about a year and a half, he said.
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