The e-commerce industry-revolutionizing FlapKap firm from Egypt has announced the completion of its US $3.6 million seed round. FlapKap is a tech-enabled revenue-based finance platform.
FlapKap, which was established earlier this year by Ahmad Coucha and Khaled Nassef, assists online retailers in maximizing their growth potential by utilizing insights based on artificial intelligence and financial data analytics to evaluate the business and ultimately deliver value through inventory funding, media funding, and optimization.
Participating in the US $3.6 million seed round was Bolt by QED, Nclude, Outliers, and A15. The firm received its most recent capital infusion six months after obtaining a pre-seed round of investment, and it did so during a period of around 200 percent month-over-month increase in both the amount of funds distributed and the number of clients served.
With the additional capital, FlapKap hopes to expand its ability to support more e-commerce companies in the MENA area scale and realize their full development potential as well as solidify its position as the region’s top provider of revenue-based finance. By giving e-commerce enterprises the option to increase their inventory and digital advertisements immediately while paying later, the company hopes to establish its foothold in Saudi Arabia, the UAE, and Egypt.
“As we develop our platform and expand our capacity to enable even more e-commerce platforms to attain their full growth potential, we’re excited to be joined by prominent global investors with deep knowledge and extensive expertise in the revenue-based financing space, having previously invested in some of our international peers,” said Coucha.
“Our rapid growth within a short period of time demonstrates the massive unmet demand in our region and, being founders ourselves, we take huge pride in being able to offer this founder-friendly financing to founders and entrepreneurs all across the region.”
Some of FlapKap’s most successful overseas competitors, including Wayflyer and Fairplay, have received investments from investor QED. Together, these companies have generated more than US $900 million in funding.
“Having invested and worked with similar companies to FlapKap across other regions such as Europe and Latin America, we are confident this team can attain similar success,” partner Gbenga Ajayi said.
