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), 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.