Lorax Capital leads Mylerz to close a $9.6 million round

Mylerz is an Egyptian last-mile delivery company and innovation company. Today, Lorax Capital Partners closed a $9.6million round to help the company scale up and expand in Egypt and North Africa. Fawry, Egypt’s leading payment company that also participated in the round, will help bolster Mylerz’s cash collection services for its merchants. Mylerz was launched in 2019 and currently has a fleet that includes over 350 eco-friendly vehicles as well as 21 fulfilment centers strategically located across Egypt. Two million packages were delivered by the company within two years after its launch. Mylerz’s proprietary logistics management technology allows it to deliver e-commerce products to customers in city centres in as fast as same-day delivery. Mylerz will use the investment to build and open a new AI-enabled automated 25,000 sqm crossdocking fulfillment centre West Cairo in Q4 2022. It will supplement its existing 1,500 sqm fulfilment facility that opened in Q3 2021. Mylerz fills a critical market need by offering an end-to–end solution that combines fulfilment and last-mile delivery. The company is servicing Africa’s booming e-commerce industry which is forecasted to be worth $180 billion by 2025. Mylerz helps to facilitate the growth and development of ecommerce in Egypt and its new markets, Tunisia, Algeria and Morocco. Mylerz Founder & CEO Samer Gharaibeh, commented, “We are excited to announce the close of our first funding round. Mylerz has shown that its model and technology can work in complex cities such as Cairo. Our experiences in Egypt will be used to launch operations in Tunisia and Algeria by Q3 2022. This regional footprint will allow our customers to benefit from connected trade corridors across markets, which is key for our wider strategy to position Mylerz as the leading logistics partner for e-commerce across Africa.” “We believe Lorax is the right partner for us to further expand Mylerz’s presence in Egypt as well as Africa. Together with Lorax and our handpicked experienced team, Mylerz is on track to become the first fully integrated e-commerce logistics solutions service provider in Africa.” Ashraf Zaki, Managing Partner at Lorax Capital Partners, added, “We are excited to partner with Samer and the Mylerz team who have demonstrated their wealth of experience in rapidly growing Mylerz into a leader and innovator in the e-commerce logistics industry. Mylerz leveraged its expertise and top technology to address many problems in last-mile delivery in Egypt, including complex routes, cash shortages, and merchants with different needs. “Lorax is backing Mylerz to become the continent’s first fully integrated e-commerce logistics player, bringing a unique blend of premium customer service and efficient delivery services to regional businesses and consumers alike.” Ashraf Sabry, CEO of Fawry, added, “Fawry’s investment in Mylerz is part of our strategy to build an integrated commerce ecosystem in Egypt and explore international expansion opportunities with strong partners like Mylerz and Lorax.”