Egyptian startup Sharwa has raised a US$2 million seed funding round as it launches its mobile application, which it claims is the first social commerce app in the Middle East.
Formed earlier this year by Alaa Shalaby, Hassan Elshourbagi, and Mohamed Hanafy, Sharwa offers customers low prices on around 1,000 grocery, appliances and household items, with huge discounts available on bulk orders and next-day delivery available.
“Sharwa’s platform is the true translation of the idea of the sharing economy, as the reality now requires everyone to search for the easiest and cheapest way to get the needs of their home, which can be achieved through the shared online shopping experience offered by our platform<” said Shalaby.
The release of the startup’s app comes after it closed a US$2 million seed funding round from Nuwa Capital, Hambro Perks Oryx Fund, and other investors. Elshourbagi said the company was now working on implementing its expansion plan in various governorates of Egypt, after it started in Cairo.