Dukkantek raises $10 million to develop retail POS system
Dukkantek, a UAE-based store management platform provider, announced that it has raised $10 million in pre-Series A funding.
The company, which focuses on small and medium-sized retailers, said in an announcement on Monday August 15 that it would use the funding to expand into the Europe, Middle East and Africa (EMEA) region. The company already has 13 million retail customers in the United Arab Emirates, Oman, Qatar, Kuwait, Bahrain, Turkey and Saudi Arabia, according to the Monday August 15 announcement, as reported by Magnitt.
Founded in 2021 by Sanad Yoghi, Shadi Joulani and Ali Alsayegh in 2021, Dukkantek “offers advanced in-store boxes equipped with a seamless POS system accessible online from anywhere in the world”. System features include transaction monitoring, sales monitoring, VAT (Value Added Tax) calculation, report generation and profit margin calculation. The suite also includes a cloud-based inventory management system.
The latest funding, according to Dukkantek, comes from BECO Capital, Rocketship and Colle Capital as well as Comma Capital, AMK Investment Office, Chaos Ventures and Wamda Capital.
Abdulaziz Shikh Al Sagha of BECO Capital said in a prepared statement: “It is very rare to come across a company and a team that has been able to execute what Dukkantek has done so far. Launching 7 countries in 18 months since its inception is no small feat, but the Dukkantek team managed to do it so transparently and efficiently in terms of capital.
According to Dukkantek, the company closed a $5.2 million funding round earlier this year.
business leaders says Forbes for an article published in May this year, part of Dukkantek’s success has come from offering small and medium-sized enterprises (SMEs) access to technology that is usually only within reach of larger rivals.