Tech in Africa
Egypt e-commerce logistics marketplace Flextock has completed a US$3.25 million pre-seed funding raise. The round got participation from Jameel Investment Management Company, JIMCO (Saudi Arabia), Foundation Ventures (Egypt), Bridge Ventures (UAE), MSA Capital (China), Â Alter Global (US), CRE Venture Capital (South Africa), Access Bridge Ventures (UAE), B&Y Venture Partners (US/ UAE), and Y Combinator (US).
Flextock had earlier received a strategic investment from Flexport (US), the tech-enabled logistics US giant, a personal investment from Sequoia Capital scout, and several other influential GCC angels. According to the statement by Flextock CEO, the funding will go into “building our products” and “hiring a solid team.”
As a young startup, Flextock has signed over 100 merchants with 5000 SKUs (stock-keeping units). This has fueled its exponential growth, partly driven by its leverage on proprietary software that offers merchants end-to-end on-demand e-commerce fulfillment and logistical solutions.
Mohamed Mossaad, CEO and Co-Founder at Flextock described the company as “purpose-driven” pointing out that the new funding will ” turbo-charge” its growth.
Mazen Nadim, the Managing Partner at Egypt’s Foundation Ventures described the rise of e-commerce in the region as a “massive opportunity” pointing out how Flextrock builds “the underlying infrastructure” creating an e-commerce player that can scale operations on demand.
Ben Harbrug, Managing Partner at MSA create a “digitally-enabled enterprise ecosystem” that accelerates an opportunity for Flextock to play an integral for emerging retailers. Flextock will rely on these funds to strengthen its presence in Egypt’s market.
