Afrigather Egyptian revenue-based financing platform FlapKap introduced the shut of its $3.6M seed spherical which incorporates participation from traders Bolt by QED, Nclude, Outliers, and A15.
In an announcement from Flapkap, the corporate said that it plans to make use of the funding to extend its capability in serving to extra e-commerce companies within the MENA area scale and maximise their progress potential. The corporate additionally goals to solidify its presence in Saudi Arabia, the UAE and Egypt by providing e-commerce companies the power to scale their stock and digital adverts.
FlapKap permits e-commerce companies to scale and develop by concentrating on companies that historically have restricted entry to financial institution or enterprise capital financing. It additionally provides insights and analytics to e-commerce companies to assist them speed up progress and swift entry to working capital financing for deployment on stock and digital advertising spend.
Talking on the spherical, Ahmad Coucha, FlapKap CEO and co-founder mentioned, “Our fast progress inside a brief time frame demonstrates the huge unmet demand in our area and, being founders ourselves, we take big satisfaction in having the ability to supply this founder-friendly financing to founders and entrepreneurs all throughout the area.”
For QED, accomplice Gbenga Ajayi commented, “Having invested and labored with comparable corporations to FlapKap throughout different areas equivalent to Europe and Latin America, we’re assured this staff can attain comparable success.”
Research means that the e-commerce markets in Saudi Arabia, UAE and Egypt alone account for a mixed $21.4 billion and is projected to develop by greater than 50% to $33.3 billion in 2025, hinting on the potential market measurement for FlapKat.
