UAE’s Dukkantek raises $10m in pre-Series A funding

Dukkantek, a provider of store management platforms based in the UAE has announced it raised $10 million in pre-Series A funding.

The company, founded by Sanad Yaghi, Shadi Joulani and Ali Alsayegh in January 2021, 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 value added tax, generate reports and calculate profit margin. Additionally, its cloud inventory management (IM) helps track stock, manage stock value, organise the inventory, manage fast-moving products and generate reports for analysis.

The funding round follows their $5.2m seed round in October 2021, taking their total funds raised to $15.2m. Thee funds facilitated its expansion into Kuwait, Qatar, Bahrain, Saudi Arabia, Oman and Turkey.

The $10m funding raised recently 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.

Abdulaziz Shikh Al Sagha from BECO Capital, said: “It’s very rare to come across a business and team that have been able to execute how Dukkantek has done so far. Launching in seven 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 digitising merchants.”

Yaghi 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.”