Flextock, one of the ten African startups from the recent Y Combinator winter batch, has secured a US$3.25 million pre-seed funding round two months after graduation.
The investors of the pre-seed funding round include Foundation Ventures,MSA Capital,CRE Venture Capital,Alter Global ,Jameel Investment Management Company(JIMCO),B&Y Ventures Partners ,Access Bridge Ventures and Y Combinator.
Additionally, Flextock has received strategic investments from Flexport, a personal investment from a Sequoia Capital Scout and several influential angels in the GCC.
Founded by Mohammed Mosaad and Enas Siam in September 2020,the Egyptian startup was launched in January 2021.The founders noticed that as the e-commerce activities in the Middle East and North Africans regions accelerated due to the pandemic, the more merchants were left overwhelmed with the volume of orders they received.
The Flextock platform was created to help merchants focus on their products and marketing while leaving the supply chain and logistics bit to Flextock.Via the end to end proprietary software, Flextock has been able to easen the workload for these merchants.
Flextock, a tech-enabled e-commerce fulfillment provider in the Middle East tags, packages and ships products for merchants seeking to launch or scale their online commerce capabilities thus leveraging relationships with logistics companies in the region.
With the funds received, Flextock aims at capturing a large portion of MENA’S $25 billion e-commerce logistics market. The startup plans to strengthen its presence in the Egyptian market, invest in technology and recruitment as well as expand regionally before the end of 2021. Flextock hopes on becoming a superstar team that will attract the region’s top talents across various functions.
So far, the logistics startup has signed more than 100 merchants on its platform, that includes 500 stock keeping units (SKUs).In the last two months, Flextock has launched different products that will help merchants grow their brands more effectively regardless of their sizes. The partnerships created with different logistics services providers in the market will offer merchants an E2E experience that will be of great impact to them.
Flextock provides its users with reliable services, easy to access portals ,warehouses near all customers thus being convenient and accessible for all users.