Egypt’s Flextock closes $3.25 M in the biggest pre-seed yet in MENA
by RJ Shara | May 5, 2021 | Startups |
Flextock, one of the 10 African start-ups from the recent Y Combinator winter batch, has actually bagged an impressive pre-seed round simply two months after graduation.
The five-month-old company, which assists organizations and consumers handle e-commerce and fulfillment operations —— from warehousing and logistics to delivery and money collection — — has actually closed a $3.25 million pre-seed investment. As it stands, this is a record high for the MENA area, whichlikewise had a record-high 2 months ago in fellow Egyptian and YC winter season batch startup Dayra. The fintech business raised $3 million in financial obligation and equity. Mohamed Mossaad and Enas Siam established Flextock in September 2020. The company didn’t introduce until January 2021. When we covered the company in March
, it had simply raised$850,000 but CEO Mossaad made it clear that more was still to come. The investors in this round include Egyptian VC Foundation Ventures, Y Combinator, MSA Capital,CRE Ventures, Alter Global, Jameel Investment Management Company(JIMCO), B&Y Ventures Partners and Gain Access To Bridge Ventures. The company also got angel financial investments from an unnamed Sequoia Capital scout, financiers in the GCC region and Flexport. Flextock presently serves the Egyptian market. It leverages exclusive software to use merchants end-to-end e-commerce fulfillment and logistics solutions as needed. Since its launch, the company declares to have actually signed more than 100 merchants to its platform, with thousands of stock-keeping units (SKUs). The business also says it is growing 25%week-on-week. A lot of African YC-backed startups in today’s batch are focusedon fintech Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
Recent Comments