Dukkantek (Arabic for 'your grocery store') has raised $5.2 million to facilitate the expansion of its operations across the GCC. This first round of fundraising will allow the innovative company to continually improve its technology stack, expand the platform’s reach, and serve its ever-growing merchant base.
Dukkantek closed their seed round before the start of the new year, bringing in $5.2 million in funding. The round was led by Global Founders Capital, with participation from Colle Capital Partners, Wamda Capital, Plug and Play, and Comma Capital. Other strategic investors in the round include Nowais Capital, Annex Investments, and AMK Investment Office.
Amidst the global pandemic, businesses without a digital presence that were unable to facilitate online payments were severely impacted due to the decrease in customers visiting stores and increasing demand for contactless payment methods. To meet the growing demand for digital advancements within the community retail sector, Dukkantek was born entirely bootstrapped by three co-founders in January 2021. 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, organise the inventory, manage fast-moving products, and generate reports for analysis.
Mariam Kremer, Partner at Global Founders Capital, shares, “Dukkantek’s impressive traction and long-term potential are underpinned by a strong team, a full-stack solution, and a comprehensive offering for the merchants they onboard. We are thrilled to lead this funding round and partner with the Dukkantek team to help make their vision a reality and continue our support for high-growth startups in the MENA region”.
Victoria Grace, Founding Partner of Colle Capital Partners, comments, “The adoption and utility of technology in SMB’s across sectors is accelerating rapidly and Dukkantek is at the forefront of this change in the GCC region. With energetic and driven founders, the Dukkantek team has tackled major issues in a severely underserved section of the market and we want to aid in supercharging the growth of their merchant base. Dukkantek’s stellar growth to date underscores both the dire need for platform solutions in the space and the extraordinary strength of their offering. We look forward to leveraging our strategic relationships in the region and beyond to help bring Dukkantek's technology to those who need it most”.
Dukkantek is the GCC’s front runner for this accelerating need observed in small and medium businesses' adoption and usage of comprehensive online shopping technologies. The company has seen great growth to date, highlighting a severely underserved market and reaffirming the local demand for such a solution. This investment allows Dukkantek to continue its efforts in empowering traditional merchants to thrive in a digital world and exponentially expand and maintain its premium end-to-end technology.