FlapKap, an Egyptian revenue-based financing platform, announced the completion of its $3.6M seed round, which included investors Bolt by QED, Nclude, Outliers, and A15.
In a statement, Flapkap said it would use the money to help more e-commerce businesses in the MENA region grow and scale. The company also wants to strengthen its presence in Saudi Arabia, the UAE, and Egypt by allowing e-commerce businesses to scale their inventory and digital ads.
Ahmad Coucha, CEO and co-founder of FlapKap, said about the round, “Our fast growth in a short amount of time shows that there is a huge unmet demand in our region, and as founders ourselves, we are very proud to be able to offer this founder-friendly financing to founders and entrepreneurs all over the region.”
“Having invested and worked with comparable firms like FlapKap across other countries such as Europe and Latin America, we are convinced this team can achieve similar success,” said QED partner Gbenga Ajayi. “We are excited to see what the future holds for this team.”
According to research, the e-commerce markets in Saudi Arabia, the United Arab Emirates, and Egypt account for a combined $21.4 billion. They are expected to grow by more than 50% to $33.3 billion by 2025, indicating the potential market size for Flipkap.