Flextock raises $3.25 million pre-Seed round
- Egypt-based e-commerce logistics marketplace Flextock, has raised a $3.25 million pre-Seed funding round from regional investors including Egypt-based Foundation Ventures, Saudi Arabia-based Jameel Investment Management Company, UAE-based Access Bridge Ventures, along with undisclosed angel investors in the GCC.
- Global investors in this round include China-based MSA Capital, South Africa-based CRE Venture Capital, US-based Alter Global, YC Combinator, logistics firm Flexport, and B&Y Venture Partners. This is in addition to a personal investment from a Sequoia Capital scout.
- Founded in early 2021 by Mohamed Mossaad and Enas Siam, Flextock offers a logistics-as-a-service platform that provides fulfillment services to e-commerce businesses. It has so far signed more than 100 merchants on its platform and includes 5000 stock-keeping units (SKUs).
- Flextock will use the funds to invest in its technology, attract talent, fuel its growth in its home market, with plans to expand regionally before the end of 2021 in order to capture as much of the $25 billion e-commerce logistics market.
Flextock, an Egyptian E-commerce logistics marketplace has announced a $3.25M Pre-Seed funding round from Foundation Ventures (Egypt), MSA Capital (China), CRE Venture Capital (South Africa), Alter Global (US), JIMCO – Jameel Investment Management Company (Saudi Arabia), B&Y Venture Partners (US / UAE), Access Bridge Ventures (UAE), and Y Combinator (US). Additionally, Flextock has received strategic investments from the tech-enabled logistics giant Flexport (US), a personal investment from a Sequoia Capital scout, and several influential angels in the GCC.
Despite being a young startup, in a short time Flextock has signed more than 100 merchants with 5000 SKUs, with the startup growing exponentially. Currently serving Egypt (but with plans to expand regionally), Flextock leverages proprietary software to offer merchants end-to-end e-commerce fulfilment and logistics solutions on demand.
Mohamed Mossaad, Flextock’s Co-Founder and CEO mentioned “Flextock is a purpose-driven company. We are on a mission to enable all merchants, regardless of their size, to efficiently scale their brands. This new funding will help us achieve that. With it, we can turbo-charge our growth by further building our products and hiring a solid team.”
Enas Siam, Flextock’s Co-Founder and COO added “We see a huge opportunity in powering the next generation of commerce in the region by allowing anyone to seamlessly start and grow an online business by leveraging our tech enabled fulfilment and logistics solutions.”
Alter CEO and Founder, Jesse Sullivan commented “Our mission is to find and back the world’s top tech founders. Mohamed and Enas are clearly that. Through Flextock, they are igniting growth in the Middle East, which will inspire a rising cohort of entrepreneurs in that ecosystem. They are just the kind of high-character, role model founders we are looking for.”
Mazen Nadim, the Managing Partner of Egypt focused Foundation Ventures remarked “We recognize the massive opportunity in logistics presented by the rise of e-commerce in the region. Flextock is building the underlying infrastructure, so that any E-commerce player can scale their operations on demand! We are proud to have been Mossaad and Enas’s first backers and thrilled for the journey ahead.”
MSA Managing Partner Ben Harbrug said “As the scale pace of the Middle East’s digitally-enabled enterprise ecosystem accelerates, we believe that Flextock will be an integral layer for emerging retailers. On-demand, malleable, technology-driven externally managed logistics provides critical services at a superior quality and price. We believe that the next generation of regional commerce will be built on the Flextock platform.”
Flextock will use the funds to strengthen their presence in the Egyptian market, work towards expand regionally before the end of 2021 in order to capture as much of the $25 billion E-commerce logistics market, continue to invest in technology and scale their products, and build a superstar team by attracting the region’s top talents across various functions.