Home Startups Egypt’s FlapKap raises $1.2 million to revolutionize e-commerce & SaaS in the MEA region

Egypt’s FlapKap raises $1.2 million to revolutionize e-commerce & SaaS in the MEA region

by James Musoba
0 comment

Egypt’s FlapKap, has announced its launch and successful completion of a $1.2 million fundraise led by A15, a top MENA venture capital firm, to fuel its operations in the UAE and Egypt, acquire more merchants and launch in Saudi Arabia and the wider MEA expansion.

FlapKap, a mix of Clearco and Wayflyer and the first of its kind in the region, offers online businesses AI-based insight to help them optimize their advertising spend and maximize profits. Then, it offers these businesses revenue-based flexible payment terms, on that advertising spend, to ensure sustainable growth without cash constraints.

According to Ahmad Coucha, co-founder and CEO of FlapKap: “We are delighted to announce our launch and fundraise, and have the backing of such an esteemed investor as A15 – one of the leading venture capital firms in the MENA region. It is testament to our business model and validates our strategy.  We have taken a proven international business model, and adapted it for the Middle East. Our solution empowers SMEs and startups to grow sustainably, without losing equity, and to help manage their cashflows. With a first mover advantage, and a huge market opportunity, we are excited to extend the growth opportunities we have unlocked for our early clients to the whole region.”

FlapKap’s management team has a proven entrepreneurial track record in e-commerce, media and digital banking. Co-founder/CEO is Ahmad Coucha – the co-founder of MENA’s top advertising agency Kijamii and a Harvard graduate. The founding team also includes Khaled Nassef, co-founder/CTO and formerly of German neobank N26 and Amazon; Amr Gamal, COO, former McKinsey and P&G; and Sherif Bichara, FinOps Manager, formerly at Helios and Lazard.

FlapKap’s market opportunity is substantial. In 2017, Bain & Company reported the wider MENA e-commerce market was worth $8.4 billion, with an annual growth of 25% since 2014, and predicted the market to reach $28.5 billion by 2022. FlapKap expects these figures to have increased substantially due to accelerated adoption catalyzed by the COVID-19 pandemic.

“A15 is proud to lead the fundraise for FlapKap and to back its CEO, Ahmed Coucha, for –our second venture together. FlapKap is not only a visionary company with an excellent business model, but it is creating real tangible value for the region by helping SMEs grow. It also has a first mover advantage in a significant market, all of which creates a very bright future.” said Karim Beshara, General Partner at A15.

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More
%d bloggers like this: