Dubai-based B2B ecommerce platform Distichain is planning to expand its presence in the US and Australia, media reports said. The company delivers customised marketplaces to public and private enterprises.
It is reported that the company will establish a marketplace for Agri-products in Australia and another one for the hotel industry in the US. The proposed platform in Australia will aim to facilitate Australian farm producers to sell their goods directly in the global marketplace seamlessly. The platform u=in partnership with www.8corners.com.au is expected to be rolled out this month.
The platform in the US is expected to be launched in partnership with HotelSupplyB2B.com next month. It will connect hotels and their suppliers. Haisam Jamal, co-founder and CEO of Distichain, said that the company has also signed a deal with a UK government funded organisation called Africa Agritech to bolster African agribusiness sales. There are abundant opportunities in the global agribusiness sector.
The company has recently secured a spot accelerator programme backed by the Village Capital, PayPal and MetLife Foundation. It is reported that Distichain is the only startup from the Emirates to receive equity free investment from the programme. MetaLife Foundation will provide $45,000 in grant funding.
It is reported that 8 percent of Middle East financial services revenue will be driven by the fintech sector by 2022. The reports are produced by Accenture and FinTech Hive.
Mr Haisam Jamal said that Distichain expects its CAGR to touch at least 97 percent within five years.