Egyptian logistics startup Sprint to use six-figure seed round to expand hubs network

Cairo-based logistics service provider Sprint says it will use its first ever round of funding to expand its hubs networks as well as grow its staff.

The startup, which was founded last year by Mohamed Deif (pictured above), last Thursday (3 October) raised an undisclosed six-figure seed round from an unnamed angel investor.

Sprint was founded in 2018 by Mohamed Deif

Tech publication Menabytes reported in an article yesterday that the deal was made at a pre-money valuation of $1.25-million.

Sprint’s services include express courier delivery and freight forwarding. Deif told Ventureburn in an email yesterday that it plans to expand to Alexandria, Mansoura, Port Said and Suez by Q4 next year.

Deif said the business has witnessed “a great growth rate” which he said exceeds 35% each month.

Featured image: Sprint founder and CEO Mohamed Deif (LinkedIn)