Dukkantek, UAE’s store management platform, has closed a $10M Pre-Series A funding round led by BECO Capital with participation from Rocketship and Colle Capital. Other strategic investors in the round included Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital.
Dukkantek was bootstrapped by three Co-Founders, Sanad Yaghi, Shadi Joulani, and Ali Alsayegh, in January 2021 to enable traditional merchants to compete in the evolving digital world. The platform offers advanced in-store boxes fitted with a seamless Point-of-Sales (POS) system that can be accessed online from anywhere in the world. The cloud-hosted software allows business owners to keep track of transactions, monitor sales, calculate VAT, generate reports, and calculate profit margin. Additionally, its unique Cloud Inventory Management (IM) helps track stock, manage stock value, organize the inventory, manage fast-moving products, and generate reports for analysis.
The E-commerce industry has been on a gradual rise with the sector aggregating over $500M in H1 2022, as seen in our FREE State of Startup Funding – H1 2022 Emerging Venture Markets Report. Of the stellar E-commerce rounds raised this year crowned by Pakistan-based Bazaar ($70M Series B) and KSA-based Nana($50M), startups have been running successful ventures focusing on one category, like Pakistan-based Dastgyr and Africa-based Jabu focusing on B2B solutions. While the sector recorded big wins across MEAPT, over in UAE, E-commerce recorded a dip of over 40% in funding compared to H1 2021, dropping down 5 spots on the funding charts. However, the $5.2M SEED raised by store management platform DukkanTek followed by its $10M Pre-Series A is a testament to the fact that the ecosystem is blazing with next-generation integrations.
DukkanTek is powering the digital ecosystem for 13M SMB retailers across the UAE, Oman, Qatar, Kuwait, Bahrain, Turkey, Saudi Arabia and searches for opportunities in North Africa, as it closes the second round of investment this year. Abdulaziz Shikh Al Sagha from BECO Capital, shared, “It’s very rare to come across a business and team that have been able to execute how Dukkantek has done so far. Launching 7 countries in 18 short months since founding is no easy feat, yet the Dukkantek team has managed to do it in such a seamless and capital-efficient manner. We are very excited to partner with Sanad, Ali, and the wider team as they look to build on their exciting traction and overall vision of digitizing merchants.”.
Dukkantek closed its SEED of $5.2M earlier this year, which facilitated the expansion into; Kuwait, Qatar, Bahrain, Saudi Arabia, Oman, and Turkey. The new investment will provide further access to global expansion, improve the platform’s technology stack and hire the best talent in the region. Sanad Yaghi, the Co-Founder of Dukkantek, commented, “We are pleased to have witnessed an exponential growth of our company as we provide a technological solution to SME businesses across the world. This second round of funding comes at the perfect time as we are looking to explore growth in additional markets, increase our team size and further advance our technology.”