FlapKap, an Egyptian revenue-based financing platform, has closed $3.6 million seed round. The latest funding included participation from investors Bolt by QED, Nclude, Outliers, and A15. FlapKap’s latest capital injection comes six months after the company’s pre-seed raise.
The startup plans to use the funding to increase its capacity in helping more e-commerce businesses in the MENA region scale and maximise their growth potential. The company also aims to solidify its presence in Saudi Arabia, the UAE and Egypt by offering e-commerce businesses the ability to scale their inventory and digital ads.
FlapKap was founded in 2022 by Ahmad Coucha, Khaled Nassef, and Sherif Bichara. It allows e-commerce businesses to scale and grow by targeting businesses that traditionally have limited access to bank or venture capital financing. It also offers insights and analytics to e-commerce businesses to help them accelerate growth and swift access to working capital financing for deployment on inventory and digital marketing spend.
Ahmad Coucha, FlapKap CEO and co-founder said: “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.
“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.”
Gbenga Ajayi, partner at QED said: “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.”
