{"id":565801,"date":"2021-05-05T14:11:37","date_gmt":"2021-05-05T14:11:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/flextock-seals-record-pre-seed-funding\/"},"modified":"2021-05-05T14:11:37","modified_gmt":"2021-05-05T14:11:37","slug":"flextock-seals-record-pre-seed-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/flextock-seals-record-pre-seed-funding\/","title":{"rendered":"Flextock seals record pre-seed funding"},"content":{"rendered":"

<\/a> An Egyptian logistics player just set a regional record for pre-seed funding:<\/strong> Logistics startup Flextock<\/a> has closed a USD 3.25 mn pre-seed investment round, just two months after graduating from Y Combinator\u2019s winter batch, according to TechCrunch<\/a>.<\/p>\n

This is the largest ever pre-seed round managed by a MENA startup<\/strong>, and exceeds the USD 3 mn raised by Dayra<\/a>, a fellow Egyptian startup and Y Combinator graduate, in March.<\/p>\n

Who\u2019s in?<\/strong> Egypt-based VC firm Foundation Ventures<\/a>, Y Combinator<\/a>, MSA Capital<\/a>, CRE Ventures<\/a>, Alter Global<\/a>, Jameel Investment Management Company<\/a> (JIMCO), B&Y Ventures Partners<\/a>, and Access Bridge Ventures<\/a> have all invested in the company. Flextock also secured angel investment from an undisclosed Sequoia Capital scout, GCC investors, and San Francisco-based customs brokerage company Flexport<\/a>.<\/p>\n

The company is only four months\u2019 old: <\/strong>Flextock was founded last September and launched in January by Mohamed Mossaad (LinkedIn<\/a>) and Enas Siam (LinkedIn<\/a>), and helps clients manage e-commerce and fulfillment operations including warehousing, logistics, delivery, and collection. It's currently active only in Egypt and has more than 100 merchants signed up to its platform. The company claims it is growing 25% each week.<\/p>\n

Regional ambitions:<\/strong> It is planning to use the funding to strengthen its market presence in Egypt, invest in technology and recruitment, and expand regionally before the end of 2021.<\/p>\n

ALSO IN STARTUPLAND- <\/strong><\/p>\n

It\u2019s good to be a nano-lender in Egypt:<\/strong> Egypt\u2019s first nano-lender Kashat has been seeing some growth, with 3k new downloads and adding 2.5k new accounts to its platform in the past month, co-founder Sumair Farooqui told Asharq Business yesterday in an interview (watch, runtime: 6:32<\/a>). He also touched on the company\u2019s plan to use an alternative algorithm-based credit scoring system to provide credit to unbanked businesses. Kashat, which offers small productive facilities of between EGP 200-1.5k, landed seed investment from Cairo Angels<\/a> late last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

An Egyptian logistics player just set a regional record for pre-seed funding: Logistics startup Flextock has closed a USD 3.25 mn pre-seed investment round, just two months after graduating from Y Combinator\u2019s winter batch, according to TechCrunch. This is the largest ever pre-seed round managed by a MENA startup, and exceeds the USD 3 mn […]<\/p>\n","protected":false},"author":1,"featured_media":565802,"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":[10043],"tags":[199,633,203,183,125,145,95,123,200,698],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-startup-watch","tag-e-commerce","tag-enterprisepm","tag-entrepreneurship","tag-fintech","tag-investment-watch","tag-logistics","tag-startup-watch","tag-startups","tag-venture-capital","tag-y-combinator","wpautop","entry"],"acf":{"mongo_id":"a5e87a37-7b02-44f7-8899-77ee073ccfb3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/311.jpg","photo_position":"above","related_issue":[565795],"teaser":"","voice_url":""},"yoast_head":"\nFlextock seals record pre-seed funding - 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\/2021\/05\/05\/flextock-seals-record-pre-seed-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flextock seals record pre-seed funding\" \/>\n<meta property=\"og:description\" content=\"An Egyptian logistics player just set a regional record for pre-seed funding: Logistics startup Flextock has closed a USD 3.25 mn pre-seed investment round, just two months after graduating from Y Combinator\u2019s winter batch, according to TechCrunch. 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EFG EV Fintech, EFG Hermes, Tanmiya Capital Ventures and a number of angel investors all participated in the round, which closed after the\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\/3\/171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562271,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/","url_meta":{"origin":565801,"position":4},"title":"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"Digital banking app Telda landed USD 5 mn in a pre-seed funding round led by Silicon Valley-based VC firm Sequoia Capital, according to a statement (pdf). 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":558208,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/egyptian-startups-raise-26-of-mena-funding-in-1h2021\/","url_meta":{"origin":565801,"position":5},"title":"Egyptian startups raise 26% of MENA funding in 1H2021","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"Egyptian startups landed some USD 194 mn in venture capital finance in the first half of this year and accounted for 26% of all transactions inked across MENA in the same time period, ITIDA CEO Amr Mahfouz said last week in a statement (pdf). Mahfouz said in public comments that\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\/8\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565801","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=565801"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565801\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565802"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565801"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565801"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}