Egyptian startup Flapkap, a revenue-based financing solution for e-commerce and Saas businesses, has raised $3.6 million in the latest seed round.
The startup raised its recent round of funding from QED, Nclude, A15, and other Outliers, adding to the $1.2 million it announced in March 2022. This recent funding comes six months after the company’s pre-seed raise.
With this new fund raised, FlapKap intends to increase its capacity in assisting more e-commerce businesses in the Middle East and North Africa (MENA) region to scale and maximize its growth potential, as well as consolidate its position as the region’s foremost and leading revenue-based financing player.
It also aims to solidify its presence in Saudi Arabia, the UAE, and Egypt by offering e-commerce businesses the ability to scale their inventory and digital ads now, while flexibly paying later.
Speaking on the recent round, FlapKap CEO and Cofounder, Ahmad Coucha said “As we develop our platform and expand our capacity to enable even more e-commerce platforms to attain their full growth potential, we’re excited to be joined by prominent global investors with deep knowledge and extensive expertise in the revenue-based financing space, having previously invested in some of our international peers.
“Our rapid growth within a short period of time demonstrates the massive unmet demand in our region and, being founders ourselves, we take huge pride in being able to offer this founder-friendly financing to founders and entrepreneurs all across the region”.
Founded in 2022 by Ahmad Couch and Khaled Nassef, FlapKap is the first B2B revenue-based financing company in the MENA region to revolutionize eCommerce growth.
The company prides itself on fast and data-driven decision-making, which allows it to make merchants an offer less than 48 hours after they sign up. Fees are paid back as a percentage of revenues, which means that if revenues slow down, so do repayments, and merchants do not have to worry about late fees or penalties.