Dukkantek, UAE-based store management platform, announces a $10 million pre-Series A funding round as it powers the digital ecosystem for 13 million SME retailers across the UAE, Oman, Qatar, Kuwait, Bahrain, Turkey, Saudi Arabia and searches for opportunities in North Africa, making it the second round of investment this year.
Dukkantek was born entirely 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.
Dukkantek closed its seed round before the start of the new year, bringing in $5.2 million in funding, which facilitated the expansion into; Kuwait, Qatar, Bahrain, Saudi Arabia, Oman, and Turkey. The $10 million in funding raised in the subsequent round will provide further access to global expansion, improve the platform’s technology stack and hire the best talent in the region. The funding round was led by BECO Capital with significant participation from Rocketship and Colle Capital. Other strategic investors in the round included Comma Capital, AMK Investment Office, Chaos Ventures, and Wamda Capital. The funding round follows their $5.2m seed round in October 2021, taking their total funds raised to $15.2m.
Abdulaziz Shikh Al Sagha from BECO Capital, shares, “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.”
Sanad Yaghi, the Co-Founder of Dukkantek, comments, “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.”