- Milers Announces Nearly $2 Million Funding Round to Support Expansion in the Egyptian Market
- The funding, backed by existing shareholders including Lorax Capital Partners and Fawry, will strengthen the company’s working capital and accelerate its domestic expansion.
Milers, the Egyptian logistics startup, has raised more than EGP 100 million (approximately $2 million) in fresh funding from its existing shareholders through a combination of equity financing and credit facilities.
The investment will be used to strengthen the company’s operations in the Egyptian market, expand its logistics infrastructure, and support its working capital requirements.
According to Samer Ghraibeh, Founder and CEO of Milers, the majority of the funding was raised through an equity injection, while the remainder came in the form of debt financing.
The round did not include any new investors, with participation limited to existing shareholders based on their ownership stakes. Ghraibeh remains the company’s largest individual shareholder.
Milers’ shareholder base includes Lorax Capital Partners and Fawry, both of which participated in the company’s $9.6 million funding round in 2022.
Funding to Support Infrastructure and Operations
The company plans to allocate a significant portion of the new capital toward expanding its logistics infrastructure across Egypt.
This includes launching a new logistics hub in Sharm El Sheikh to support the city’s growing tourism and cross-border e-commerce activity, as well as opening additional facilities in Upper Egypt and continuing its expansion in Cairo.
Milers currently operates 26 logistics centers nationwide and expects to exceed 30 centers in the near future.
The debt facility, structured as an overdraft line, will primarily finance working capital tied to a newly signed cross-border e-commerce contract with what the company describes as one of the world’s largest global players.
The financing is intended to bridge the cash flow gap created by upfront customs clearance costs before customer payments are collected.
Egypt Takes Priority Over Regional Expansion
The startup has also decided to pause its previously announced expansion plans across North Africa, including Algeria, Tunisia, Morocco, and Jordan, choosing instead to prioritize growth in its home market.
Ghraibeh said that investments in Egypt currently generate faster returns than expanding into new regional markets, emphasizing that the latest funding round is dedicated entirely to supporting the company’s domestic operations.
Strong Growth and Future Plans
Milers has grown its customer base by more than 200% over the past two years, increasing from around 700 clients to more than 2,000 today.
While declining to disclose financial figures, Ghraibeh confirmed that the company is profitable and continues to achieve consistent month-over-month growth.
Looking ahead, Milers aims to further strengthen its EBITDA before evaluating strategic options, including a potential initial public offering (IPO) or additional expansion initiatives as the company enters its next growth phase.
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