{"id":550097,"date":"2022-10-13T03:40:31","date_gmt":"2022-10-13T03:40:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/telda-bags-usd-20-mn-round-flapkap-lands-its-second-round-this-year\/"},"modified":"2022-10-13T03:40:31","modified_gmt":"2022-10-13T03:40:31","slug":"telda-bags-usd-20-mn-round-flapkap-lands-its-second-round-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/telda-bags-usd-20-mn-round-flapkap-lands-its-second-round-this-year\/","title":{"rendered":"Telda bags USD 20 mn round + FlapKap lands its second round this year"},"content":{"rendered":"

<\/a> It\u2019s shaping up to be a big week for VC inflows to local startups:<\/strong> Yesterday it was pharma companies, today it\u2019s local fintech firms snagging funding rounds from local and international investors. It\u2019s encouraging news for Planet Startup as global economic woes see many local firms tightening their belts.<\/p>\n

Digital banking app <\/strong>Telda<\/a><\/strong> raised USD 20 mn in a seed round <\/strong>led by long-time investor Global Founders Capital (GFC)<\/a>. Existing investor Silicon Valley-based VC firm Sequoia Capital<\/a> also participated, as did newcomer Jack Dorsey\u2019s Block<\/a> (formerly known as Square), Bloomberg<\/a> reports.<\/p>\n

Where the money\u2019s going: <\/strong>The money will help the company step into new markets and expand its product offering.<\/p>\n

This is a big raise \u2014 especially considering current fundraising conditions:<\/strong> VC funding both here and abroad has slowed to a trickle<\/a> in recent months as tighter global monetary policy sees investors pull out of riskier assets and markets. Down rounds<\/a> \u2014 when a company sells shares at a lower price than its previous funding round \u2014 are now the norm, while the implosion of local startup Capiter<\/a> has some in the startup scene predicting that more young companies could soon fold.<\/p>\n

What they said: <\/strong>\u201cIn Egypt dealing with money is still a complicated matter; making it easy and straightforward will have a large impact not just on the economy but also the society as a whole,\u201d said co-founder Youssef Sholqamy.<\/p>\n

About Telda: <\/strong>The company was founded last year by Swvl co-founder Ahmed Sabbah (LinkedIn<\/a>) and former Uber senior engineer Sholqamy (LinkedIn<\/a>). Shortly after its launch, the company secured USD 5 mn in a pre-seed<\/a> funding round led by Sequoia Capital, with participation from GFC and Class 5 Global. Telda started issuing<\/a> its prepaid cards in partnership with Banque du Caire over the summer.<\/p>\n

The news also got coverage from <\/strong>TechCrunch<\/a> and Waya<\/a>.<\/p>\n

FLAPKAP RAISES USD 3.6 MN SEED ROUND-<\/strong><\/p>\n

MEA fintech startup pl<\/strong>atform <\/strong>FlapKap<\/a><\/strong> raised USD 3.6 mn in a seed round, <\/strong>according to a press<\/a>release<\/a>(pdf)<\/a>. The round saw participation from follow-on investor A15<\/a> as well as Bolt by QED<\/a>, Nclude<\/a>, and Outliers<\/a>. This is the company\u2019s second round this year<\/a>, after it raised USD 1.2 mn in a March round led by A15.<\/p>\n

Where the money is going: <\/strong>FlapKap will sign on more e-commerce players in the region to its revenue-based financing plans. The company hopes to strengthen its presence in Saudi Arabia, the UAE, and Egypt, according to the press release.<\/p>\n

What FlapKap does: <\/strong>The company offers financing to e-commerce businesses that have been operational for at least six months and have limited access to traditional financing through banks or VCs. Merchants can get upfront financing to scale their inventory and digital marketing, which they pay back as a percentage of revenues. FlapKap also offers AI-based insights and financial data analytics.<\/p>\n

Founders: <\/strong>CEO Ahmad Coucha (LinkedIn<\/a>), co-founder of MENA digital agency Kijami, co-founded the company with Khaled Nassef (LinkedIn<\/a>). Sherif Bichara (LinkedIn<\/a>) and Adel Hodroj (LinkedIn<\/a>) also serve on the founding team.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s shaping up to be a big week for VC inflows to local startups: Yesterday it was pharma companies, today it\u2019s local fintech firms snagging funding rounds from local and international investors. It\u2019s encouraging news for Planet Startup as global economic woes see many local firms tightening their belts. Digital banking app Telda raised USD […]<\/p>\n","protected":false},"author":1,"featured_media":550098,"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":[1066,72,1430,95],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-a15","tag-enterpriseam","tag-flapkap","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"56691059-02a4-4e9a-b5e7-79e95405b172","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/217.jpg","photo_position":"above","related_issue":[550082],"teaser":"","voice_url":""},"yoast_head":"\nTelda bags USD 20 mn round + FlapKap lands its second round this year - 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\/10\/13\/telda-bags-usd-20-mn-round-flapkap-lands-its-second-round-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telda bags USD 20 mn round + FlapKap lands its second round this year\" \/>\n<meta property=\"og:description\" content=\"It\u2019s shaping up to be a big week for VC inflows to local startups: Yesterday it was pharma companies, today it\u2019s local fintech firms snagging funding rounds from local and international investors. 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Global Founders Capital and Class 5 Global also participated in the investment round.The investment means Telda just broke the regional record for pre-seed funding,\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\/5\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544846,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/fintech-outfit-flapkap-raises-usd-1-2-mn-in-funding\/","url_meta":{"origin":550097,"position":1},"title":"Fintech outfit FlapKap raises USD 1.2 mn in funding","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"MEA fintech startup FlapKap has raised USD 1.2 mn in a funding round led by tech fund A15, according to a company press release(pdf). FlapKap, which bills itself as the first company of its kind in the region, offers AI-based insight to \u201chelp optimize advertising spending\u201d for e-commerce and SaaS\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577415,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/local-pharma-startup-closes-usd-8-mn-round-klivvr-gets-cbe-nod\/","url_meta":{"origin":550097,"position":2},"title":"Local pharma startup closes USD 8 mn round + Klivvr gets CBE nod","author":"enterpriseam admin","date":"22 November 2022","format":false,"excerpt":"Local B2B pharma platform Grinta has closed a USD 8 mn seed round led by MENA-focused VC Raed Ventures and local fintech fund Nclude, with participation from Endeavor Catalyst and 500 Global, it said in a press release (pdf) yesterday. The capital raised will help the company expand locally, growing\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\/11\/338.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549478,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/global-ventures-fintech-fund-reaches-usd-105-mn-second-close\/","url_meta":{"origin":550097,"position":3},"title":"Global Ventures\u2019 fintech fund reaches USD 105 mn second close","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"Nclude hits USD 105 mn second close: Local and international investors have committed around USD 20 mn to Global Ventures\u2019 Nclude\u2019s second funding round, bringing the fintech-focused VC fund\u2019s total capital to some USD 105 mn, a source close to the matter told Enterprise. The source declined to name the\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553567,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/waffarx-closes-multi-mn-financing-round-from-silicon-valley-vc-firm\/","url_meta":{"origin":550097,"position":4},"title":"WaffarX closes multi-mn financing round from Silicon Valley VC firm","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"Cashback services startup WaffarX closed a multi-mn USD funding round from Silicon Valley VC firm Lobby Capital, Wamda reported, marking Lobby\u2019s inaugural investment in the MENA region. WaffarX plans to use the funds raised to expand its platform and user base, and enter new markets in the MENA region. WaffarX\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\/12\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607817,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/10\/homegrown-chip-designer-pearl-semiconductor-secures-usd-4-5-mn-investment-plus-acacia-invests-in-senegal\/","url_meta":{"origin":550097,"position":5},"title":"Homegrown chip designer Pearl Semiconductor secures USD 4.5 mn investment. 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