gets $4 million for expansion
by Cedar Mundi, iSME, BLC Bank
Ecomz, the e-commerce management platform, said recently that it has increased its capital by $4 million to scale-up, expand globally, and enhance the platform with Artificial Intelligence (AI) and machine learning capabilities.
The new equity funding came from Beirut-based venture capital firm Cedar Mundi Ventures, the Kafalat-managed iSME Programme, and BLC Bank.
“We may launch other rounds to raise more funds two or three years from now because this line of business always needs expansion,” said Amer Tabbara, Co-Founder of Ecomz and its Chief Sales Officer. He said that they had invested nearly $3 million to develop the platform over the last ten years.
Ecomz (www.ecomz.com) is an end-to-end ecommerce management platform that operates in 55 countries. It provides e-commerce store builder capabilities and built-in store management applications to a customer base of more than 4,000 merchants.
“We plan to expand to Dubai by the end of the current year, and to North America and Europe next year,” Tabbara said. Ecomz already has a limited presence in Canada.
The company will first focus on the Middle East and North Africa (MENA) where they hope to find huge opportunities as they hold a competitive advantage thanks to their unique product and the fact they know the language and culture of the region, according to Tabbara. He said that within one week of signing up customers will be able to easily create their own e-commerce website through the Ecomz platform, while this might take much more time if other alternatives were used.
Besides geographical expansion, part of the funds will be used to enhance the technical features of the platform through AI and machine learning capabilities which will enable Ecomz to easily compete in North America and Europe, Tabbara said.
Reported by Shikrallah Nakhoul
Date Posted: Jul 08, 2019