AUC Venture Lab Startup, Bosta, Receives Investment from Dubai-Based VC Fund
The Bosta team from left to right: Amira Nasrullah, Mohamed El Hussieny, Ahmed Gaber and Mohamed Ezzat
By Maram Shalaby
AUCVlab startup, Bosta, just received an investment from Numu Capital, a VC fund based in Dubai, last week and is expecting to raise another round in the next few months to take their startup to the next level.
Bosta is an on-demand delivery platform that allows people and businesses to send and receive shipments with the push of a button and monitors their deliveries until they reach their destination.
“We are working on accelerating our growth by hiring more people to deal with our operations and more stars, our delivery men, to cover our customers’ demands. We are also currently looking to intensify our marketing strategy to acquire more customers,” said Mohamed Ezzat, Bosta’s CEO.
Ezzat had founded Lynks, an e-commerce company that makes high demand products accessible to people in developing countries, before Bosta and graduated from the renowned start-up incubator, Y Combinator.
Bosta's COO, Ahmed Gaber, and CTO, Mohamed El Hussieny, had also founded their own startup before becoming part of Bosta's team and previously worked in tech giant, Google.
“We have joined the AUC Venture Lab because we believe that we need more business knowledge and that we would acquire that with the help of the accelerator’s network of mentors. We are also looking for exposure,” said Ezzat.
The three co-founders have been working for the past seven months on their business in Cairo and are looking forward to expand to other cities in Egypt and regionally, in the United Arab Emirates and Turkey more specifically.
Mohamed Ezzat believes that Egypt is from the very few countries in the world where launching a startup is easy.
“Starting the business and sustaining it in its early stages is, in my opinion, the hardest phase for a startup but fortunately you can do it in Egypt because you would usually need very low ressources. However, fundraising to take your business to the next level is the real challenge we face in the MENA region,” said Ezzat.
The new startup is hoping to be part of the Arab world’s On-Demand Delivery market, which is worth $3 billion.
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AUC launched AUC Venture Lab (V-Lab) in 2013 which is the first university-based incubator in Egypt. It incubates early-stage and growth-stage startups that are chosen through a selection process that judges the novelty of the idea, the team’s track record and cohesion, scalability and potential for commercialization, as well as the team’s tenacity and commitment to success. Once selected, the startups benefit from training sessions, mentors, student internships and their presence at the AUC School of Business. They also play an active role in the AUC community and Egypt, sharing their entrepreneurial experience with students, faculty members, mentors and investors, as well as a global alumni network.