{"id":576952,"date":"2022-11-03T04:00:03","date_gmt":"2022-11-03T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/emirati-tech-company-acquires-speeds-fmcg-app\/"},"modified":"2022-11-03T04:00:03","modified_gmt":"2022-11-03T04:00:03","slug":"emirati-tech-company-acquires-speeds-fmcg-app","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/emirati-tech-company-acquires-speeds-fmcg-app\/","title":{"rendered":"Emirati tech company acquires Speed\u2019s FMCG app"},"content":{"rendered":"

<\/a> The<\/strong> Speed app has new Emirati owners: <\/strong>Emirati logistics and tech company X-ERA<\/a> has acquired B2B e-commerce platform Speed<\/a> for an undisclosed sum, it said in a statement (pdf)<\/a> yesterday. X-ERA will revamp the Speed app to make it more user-friendly and introduce new features for businesses selling fast-moving consumer goods.<\/p>\n

Speed: <\/strong>The one-stop-shop lets small and medium-sized grocery store owners order inventory for delivery within 24 hours. The app is affiliated with the wider Speed brand, which works in FMCG distribution, warehousing, logistics, packing and import.<\/p>\n

About the new owners: <\/strong>Founded in 2020, X-ERA invests in digital retail supply chain and logistics solutions that help develop the informal market, according to the statement.<\/p>\n

A rebrand and major expansion is in the works: <\/strong>X-ERA plans to rebrand the Speed app and wants to expand its current user base from 35k merchants to 100k by mid-2023, X-ERA CEO Mahmoud El Enani said in the statement.<\/p>\n

CATALYST FUNDS CLOSE TO FIRST ACQUISITION-<\/strong><\/p>\n

Impact investor Catalyst Partners\u2019 <\/strong>Catalyst Capital Egypt Fund<\/a><\/strong> is close to closing <\/strong>an acquisition deal<\/strong> \u2014 a company that has developed a platform for operating electric motorcycles named BluEV<\/a>, the fund\u2019s Managing Director Abdel Aziz Abdel Nabi told Enterprise. Abdel Nabi did not provide details on the stake or the size of the transaction, but said that the acquisition is being done in collaboration with the UN Development Program.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Speed app has new Emirati owners: Emirati logistics and tech company X-ERA has acquired B2B e-commerce platform Speed for an undisclosed sum, it said in a statement (pdf) yesterday. X-ERA will revamp the Speed app to make it more user-friendly and introduce new features for businesses selling fast-moving consumer goods. Speed: The one-stop-shop lets […]<\/p>\n","protected":false},"author":1,"featured_media":576953,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[6347,466,72,383,145,7128,123,6346],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bluev","tag-catalyst-partners","tag-enterpriseam","tag-fmcg","tag-logistics","tag-ma-watch","tag-startups","tag-x-era","wpautop","entry"],"acf":{"mongo_id":"5e912f0d-3771-4970-a7bc-90c0f60156c8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/70.jpg","photo_position":"above","related_issue":[576940],"teaser":"","voice_url":""},"yoast_head":"\nEmirati tech company acquires Speed\u2019s FMCG app - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/emirati-tech-company-acquires-speeds-fmcg-app\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirati tech company acquires Speed\u2019s FMCG app\" \/>\n<meta property=\"og:description\" content=\"The Speed app has new Emirati owners: Emirati logistics and tech company X-ERA has acquired B2B e-commerce platform Speed for an undisclosed sum, it said in a statement (pdf) yesterday. X-ERA will revamp the Speed app to make it more user-friendly and introduce new features for businesses selling fast-moving consumer goods. 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Loftyinc Capital Management, Kepple Africa Fund, Cubit Ventures, AUC Angels, OQAL Angel Network and Flat6Labs Cairo also participated in the round.\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610026,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dp-world-to-start-building-sokhna-port-logistics-zone-this-month\/","url_meta":{"origin":576952,"position":3},"title":"DP World to start building Sokhna port logistics zone this month","author":"enterpriseam admin","date":"14 November 2023","format":false,"excerpt":"The company has so far invested USD 1.3 bn to develop the Ain Sokhna port","rel":"","context":"In "Logistics"","block_context":{"text":"Logistics","link":"https:\/\/enterpriseam.com\/egypt\/category\/logistics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/685.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575330,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/12\/egyptian-delivery-app-dreevo-secures-six-figure-usd-pre-seed-investment\/","url_meta":{"origin":576952,"position":4},"title":"Egyptian delivery app Dreevo secures six-figure USD pre-seed investment","author":"enterpriseam admin","date":"12 October 2020","format":false,"excerpt":"STARTUP WATCH- Egyptian delivery startup Dreevo has secured a six-figure USD pre-seed investment from EF Logistics, allowing it to launch operations yesterday in 22 of Egypt\u2019s 27 governorates, the company announced in a statement. 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