A15, Bolt by QED, Nclude, and Outliers have invested $3.6m in FlapKap, a tech-enabled revenue-based financing platform in the MENA region.
The latest seed round comes six months after the company’s pre-seed raise and coincides with the company recording significant milestones of a MoM growth of ~200% in amount of funding disbursed and number of serviced clients.
Karim Beshara, Partner at A15, said: “Having embarked on this journey with Ahmad from the very start, we are proud FlapKap’s success so far. We are pleased with the team’s momentum and are excited about the growth opportunities going forward.’’
Basil Moftah, Partner at Nclude, added, “We value companies and entrepreneurs that create innovative solutions that push the envelope and are proud to support FlapKap’s previously unavailable financial services to SMEs in the MENA regions.’’
With the new funding, FlapKap plans to increase its capacity in helping more e-commerce businesses in the MENA region scale and maximise their growth potential, as well as consolidate its position as the region’s foremost and leading revenue-based financing player.
The company 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.
Co-founded by Ahmad Coucha and Khaled Nassef, with founding team Sherif Bichara and Adel Hodroj, FlapKap enables e-commerce businesses to scale and grow by targeting businesses that have traditionally had limited access to bank or venture capital financing.
FlapKap offers insights and analytics to e-commerce businesses to help them accelerate growth and swift access to working capital financing for deployment on inventory and digital marketing spend. 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, meaning that if revenues slow down, so do repayments, and merchants do not have to worry about late fees or penalties
Ahmad Coucha, FlapKap CEO and Co-founder. 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.”