{"id":549268,"date":"2022-09-11T04:00:37","date_gmt":"2022-09-11T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/"},"modified":"2022-09-11T04:00:37","modified_gmt":"2022-09-11T04:00:37","slug":"capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/","title":{"rendered":"Capiter board fires CEO, COO as company looks set to become first casualty of slowdown on Planet Startup"},"content":{"rendered":"

<\/a> The board of directors of B2B e-commerce startup Capiter has fired the <\/strong>company\u2019s <\/strong>co-founders \u201ceffective immediately,\u201d <\/strong>according to a statement (pdf)<\/a> issued on Friday. Capiter CFO Majid El Ghazouli (LinkedIn<\/a>) will become interim CEO until \u201cthe Nouh brothers return and allay the concerns of employees, suppliers, creditors and stakeholders,\u201d the statement said.<\/p>\n

Internal and external investigations are ongoing<\/strong>, the board said. Representatives of investors declined to speak further when we reached out, noting the ongoing investigations also involve \u201clegal authorities.\u201d<\/p>\n

The board\u2019s action came as social media exploded with allegations of financial <\/strong>impropriety<\/strong> (including embezzlement) at the high-profile company, which last year raised USD 33 mn<\/a> from regional and global investors. The board said it moved after co-founders Mahmoud Nouh (CEO) and Ahmed Nouh (COO) failed to meet with representatives of the board and shareholders during the due diligence process for a potential merger. \u201cThis action follows the cofounders\u2019 inability to fulfill their fiduciary duties over the past week,\u201d it alleges.<\/p>\n

It is clear Capiter has been struggling: <\/strong>LinkedIn posts by former Capiter employees suggest the company has been laying off staff<\/a> and has failed to pay salaries<\/a>. Neither of the Nouh brothers have been charged by authorities and none of the allegations have been proven in court.<\/p>\n

CEO Mahmoud Nouh told us he denies<\/strong> what he called \u201cthe false allegations\u201d<\/strong> that have been circulating on social media, adding, \u201cI haven\u2019t received any official notice from the board regarding us being removed from our positions yet.\u201d He declined to speak further until consulting with his legal counsel.<\/p>\n

Mahmoud was more talkative last night, speaking for some 15 minutes with talk show <\/strong>host Amr Adib <\/strong>on El Hekaya (watch, runtime: 14:22<\/a>). Kelma Akhira\u2019s Lamees El Hadidi also had coverage (watch, runtime: 10:53<\/a>), as did Hadith El Qahera (watch, runtime: 5:27<\/a>).<\/p>\n

\u201cUntil now, I\u2019m the company\u2019s chairman,\u201d Mahmoud told Adib.<\/strong> He blamed Capiter\u2019s challenges on headwinds arising from the Russian invasion of Ukraine, stopping short of unpacking the statement. He also said he and his brother have attended BoD meetings \u201cheld virtually\u201d from Dubai, dismissing suggestions that they stopped reporting to the board. \u201cAny spending <\/strong>was made with the knowledge of the board,\u201d<\/strong> he added.<\/p>\n

WHAT DOES CAPITER DO, ANYWAY? <\/strong><\/p>\n

Refresher: <\/strong>Capiter caters to micro and small businesses in the food and beverage, FMCG and consumer electronics segments. It has a multi-headed business model: You can think of it as a marketplace in which businesses can order inventory, arrange delivery, and access buy-now-pay-later (BNPL) financing facilities through one app.<\/p>\n

Who\u2019s invested?<\/strong> Quona Capital and MSA Capital led the USD 33 mn series \u2018A\u2019, with participation from Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.<\/p>\n

SO WHAT DOES THIS ALL MEAN?<\/strong><\/p>\n

Cairo\u2019s tight-knit venture capital community has suspected for some time that Capiter <\/strong>could face challenges <\/strong>as VC funding for startups slowed from the torrent we\u2019ve seen in recent years. \u201cThe tide is going out, and we\u2019re going to see who is wearing swimsuits and who isn\u2019t,\u201d said one, who is not a Capiter shareholder and who spoke on condition of anonymity.<\/p>\n

\u201cWe got wind that Capiter was very aggressive in the market, which made them more <\/strong>susceptible to suffer from a correction,\u201d<\/strong> Aly El Shalakany added. El Shalakany is CEO of the Cairo Angels Syndicate Fund (CASF) and also not an investor in Capiter.<\/p>\n

What does \u201ccorrection\u201d mean in this context? <\/strong>For years, VCs and founders have been motivated by the same \u201cgrowth at all cost\u201d mentality that we\u2019ve seen in the global startup space. In practice, that means raise VC money like crazy and spend all you want \u2014 as long as you\u2019re acquiring more customers, often by using VC money to subsidize the product until you reach \u201cscale\u201d: The point at which the unit economics work out on each transaction.<\/p>\n

The tide started to turn earlier this year as limited partners soured on venture capital <\/strong>amid fears of a global recession, rising inflation, and a risk-off that saw investors look to assets safer than highly illiquid startup shares. Globally, investments by VCs were down 15-20% in the five months of 2022, we previously wrote<\/a>.<\/p>\n

Here in Egypt, investors are in \u201cwait and see\u201d mode \u2014 and those with capital to deploy <\/strong>are often sitting on the sidelines <\/strong>carefully looking for the best transaction they can find, a veteran venture capitalist tells us.<\/p>\n

The result: Smart businesses went into cost-cutting mode<\/strong>, laying off employees and renegotiating terms with suppliers. Profitability and positive cashflows were suddenly the name of the game.<\/p>\n

Not having the luxury to burn someone else\u2019s cash hits some startups more than others. <\/strong>\u201cThese FMCG plays try to motivate people to use your platform with subsidies, with incentives,\u201d El Shalakany explains. \u201cIf you\u2019re burning cash and subsidizing the customer below marginal cost, it becomes an unsustainable business model\u201d when venture and other funding stops coming in.<\/p>\n

Who\u2019s most at risk? <\/strong>Businesses with exposure to FMCG and food delivery, he suggests. The VC veteran is more sanguine, noting that both startups and brick-and-mortar companies are suffering right now \u2014 and that those who make it through this bottleneck will be stronger on the other side (and have the advantage of much less competition).<\/p>\n","protected":false},"excerpt":{"rendered":"

The board of directors of B2B e-commerce startup Capiter has fired the company\u2019s co-founders \u201ceffective immediately,\u201d according to a statement (pdf) issued on Friday. Capiter CFO Majid El Ghazouli (LinkedIn) will become interim CEO until \u201cthe Nouh brothers return and allay the concerns of employees, suppliers, creditors and stakeholders,\u201d the statement said. Internal and external […]<\/p>\n","protected":false},"author":1,"featured_media":549269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[1321,72,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-capiter","tag-enterpriseam","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"899989a6-5cfd-4d45-8b01-8a0bdeb5cbb1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/176.jpeg","photo_position":"above","related_issue":[549264],"teaser":"","voice_url":""},"yoast_head":"\nCapiter board fires CEO, COO as company looks set to become first casualty of slowdown on Planet Startup - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capiter board fires CEO, COO as company looks set to become first casualty of slowdown on Planet Startup\" \/>\n<meta property=\"og:description\" content=\"The board of directors of B2B e-commerce startup Capiter has fired the company\u2019s co-founders \u201ceffective immediately,\u201d according to a statement (pdf) issued on Friday. 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The pair were dismissed by the board\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/184.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/another-suitor-for-capiter\/","url_meta":{"origin":549268,"position":1},"title":"Another suitor for Capiter?","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Is Saudi fintech Sanad Cash moving in on Capiter? Saudi fintech platform Sanad Cash wants to acquire 60% of crisis-stricken B2B e-commerce startup Capiter, Al Mal reported last night, citing sources it claims are familiar with the matter. Sanad is reportedly offering to clear out Capiter\u2019s debt in return for\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/428.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/egypts-e-commerce-startup-capiter-to-invest-egp-500-mn-in-2021\/","url_meta":{"origin":549268,"position":2},"title":"Egypt\u2019s e-commerce startup Capiter to invest EGP 500 mn in 2021","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"STARTUP WATCH- E-commerce company Capiter plans to invest EGP 500 mn next year to expand its geographical presence and the network of its SME clients, CEO and founding partner Mahmoud Nouh said, according to Al Mal. The Cairo-based company, which was founded in May 2019, operates an app that connects\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567341,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/20\/former-swvl-co-founder-mahmoud-nouh-launches-fintech-startup-capiter\/","url_meta":{"origin":549268,"position":3},"title":"Former Swvl co-founder Mahmoud Nouh launches fintech startup, Capiter","author":"enterpriseam admin","date":"20 January 2020","format":false,"excerpt":"STARTUP WATCH- Swvl co-founder and former COO Mahmoud Nouh has launched a fintech startup called Capiter, months after leaving Swvl to \u201cpursue new personal goals,\u201d Menabytes reports. Nouh is listed as Capiter\u2019s co-founder and CEO, working alongside co-founder and COO Ahmed Nouh. According to its website, Capiter reads like a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557303,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/b2b-e-commerce-platform-capiter-raises-usd-33-mn-for-expansion-in-series-a-round\/","url_meta":{"origin":549268,"position":4},"title":"B2B e-commerce platform Capiter raises USD 33 mn for expansion in series A round","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Cairo-based B2B e-commerce startup Capiter has raised USD 33 mn in a series A funding round co-led by Quona Capital and MSA Capital, according to an emailedstatement (pdf). Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures also took part in the round.This is one of the largest\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549409,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/el-sisi-in-qatar-the-egp-2-coin-generate-conversation-on-the-airwaves\/","url_meta":{"origin":549268,"position":5},"title":"El Sisi in Qatar + the EGP 2 coin generate conversation on the airwaves","author":"enterpriseam admin","date":"15 September 2022","format":false,"excerpt":"President Abdel Fattah El Sisi\u2019s two-day trip to Qatar was the big story of the night (more on that in this morning\u2019s news well, above), though plans for an EGP 2 coin and the collapse of Capiter also got attention.The economic conference set to be held at the end of\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549268"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549268\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549269"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549268"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549268"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}