By: Abdullah Beder
Cairo – Mubasher: Egypt-based DentaCarts, a fintech for dental products in the Middle East and Africa (MEA) region, plans to raise $10 million in a funding round during the first quarter (Q1) of 2023.
Ahmed Yehia, CEO and Co-Founder of DentaCarts, noted that the fundraising aligns with the company’s growth plans to expand in Saudi Arabia and a number of African markets, including Kenya and South Africa.
Yehia indicated that the fintech obtained a licence to start operating in the Saudi market as of Q1-23, adding that this step followed several months of trial work.
In order to provide hospitals and medical centres with dental products, the platform partnered with ValU, Forsa, and Simple, in addition to a number of lenders, such as Mashreq Bank, the National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), and Banque Misr.
The CEO pointed out that DentaCarts secures nearly 35,000 products of nearly 650 brands through 215 agents in the Arab Republic.
He also highlighted that the economic changes in the Egyptian market, including the liberalisation of the exchange rate, contributed to a shortage in products and a change in their prices.