Egypt's Turuq closes undisclosed seed round from Den VC

CAIRO — Turuq, a Cairo-based e-commerce fulfillment startup, has closed a seed round led by Den VC. The amount was not disclosed.

The company runs third-party logistics for online sellers: storage, packing and last-mile delivery from its Cairo facilities. It claims EGP 80 million in gross merchandise value moved through its network, a 94 percent client retention rate and a 76 percent delivery success rate.

Founded in February 2023 by Ahmed Atta and Karim Kamal, Turuq ran on its own money for more than two years before taking outside capital. The cheque lands a year after the company graduated from the InvestIT accelerator, run by ITIDA and TIEC with Flat6Labs.

The round extends a run of Egyptian fulfillment raises. Flextock, Bosta, ShipBlu and Roboost have all taken venture money for the same bet: that the country's online sellers will outsource their warehouses before they build their own.

Watch what Turuq does with the cash. If the retention numbers hold, expect a Series A conversation inside eighteen months, priced off GMV rather than revenue.

Fintech Gate first reported the round.