Dear reader,
VCs passing on startups operating in "small" countries has always felt like a shame. How many great companies haven't been funded because of the 10+2 fund structures (and subsequent outlandish ROI expectations) VCs have locked themselves into?
The startup we're analyzing today (Wakilni) is succeeding in markets many VCs would deem "too small" (Lebanon, Jordan, and Syria soon). It's done so by initially focusing on service rather than tech, while raising strategic checks from angel investors and select companies.
Wakilni shows how one can build a startup outside of the classic VC path, while not going the 100% bootstrapped way either. For founders who get told their market is "too small", it's a playbook to get inspired by.
Please enjoy.
Biography
Yusr Sabra is the co-founder and CEO of Wakilni, a Lebanese logistics startup. Wakilni provides SMEs with customized services pertaining to their e-commerce needs, including fulfillment and warehousing.
Founded in 2015, Wakilni is making around $8M in annual revenue*. They have raised over $4M in funding. The company operates in Lebanon and Jordan. The company employs over 400 people and has served over 15,000 clients.
What problem are you solving?
When I founded the company in 2015, many Lebanese SMEs were gaining interest in selling their products online but didn’t know how to. Delivering their online orders, in particular, was something they struggled with. I founded Wakilni to help them solve that.
What did your MVP look like and how did you muster up initial traction?
Let’s backtrack a bit.
I’m an electrical engineer by training. I founded my first company (TIQANY) in 2013, in a completely different sector. We offered facility management (ie: providing the suite of services, from security, to catering, to repairing an AC unit, that a facility needs).
One of our clients was the Beirut Digital District (BDD), a local startup hub. On top of facility management for BDD, we also provided concierge-like services to the companies working from BDD. For example, a company needed a person to do a trip to the bank every week, which we did.
As I spoke to more businesses from BDD, I started hearing about their difficulties in building out their e-commerce operations. That’s when the idea for Wakilni first emerged.
Today, what services does Wakilni provide?