Flapkap, Egyptian SaaS start-up launched after $1.2M A15- led round

Flapkap, Egyptian SaaS start-up launched after $1.2M A15- led round

FlapKap, an Egyptian start-up focusing on e-commerce and SaaS development in the Middle East and North Africa region, has announced its launch following a $1.2 million fundraising round led by A15, a MENA venture capital firm and one of the region’s most renowned backers of early-stage start-ups.

FlapKap provides AI-based intelligence to online businesses to help them optimize their advertising expenditure and increase earnings. It also provides these firms with revenue-based variable payment periods on their advertising expenditure, allowing them to develop without running out of cash.

The e-commerce startup currently operates in Egypt and the United Arab Emirates, with plans to expand to Saudi Arabia soon. It also plans to expand across the Middle East and Africa, as well as rapidly acquire merchants.

FlapKap’s leadership team has a track record of success in e-commerce, media, and digital banking. Ahmad Coucha is Harvard trained and the co-founder and CEO of Kijamii the top advertising firm in the Middle East. While co-founder and CTO Khaled Nassef previously worked with German neobank N26 as well as Amazon. Sherif Bichara, the FinOps Manager, formerly worked for Helios and Lazard. Amr Gamal, the COO, has worked for McKinsey and P&G.

Commenting on the round, Ahmad Coucha, co-founder and CEO of FlapKap, said “We are delighted to announce our launch and fundraise, and have the backing of such an esteemed investor as A15 – one of the leading venture capital firms in the MENA region. It is a testament to our business model and validates our strategy.”

“We have taken a proven international business model, and adapted it for the Middle East. Our solution empowers SMEs and startups to grow sustainably, without losing equity, and to help manage their cashflows. With a first-mover advantage and a huge market opportunity, we are excited to extend the growth opportunities we have unlocked for our early clients to the whole region.” He added.

The market opportunity for FlapKap is huge. According to Bain & Company, the MENA e-commerce sector was valued at $8.4 billion in 2017, growing 25% annually since 2014, and is expected to reach $28.5 billion by 2022. FlapKap estimates these numbers to have risen significantly as a result of the COVID-19 pandemic’s faster adoption.

“A15 is proud to lead the fundraising for FlapKap and to back its CEO, Ahmed Coucha, for –our second venture together. FlapKap is not only a visionary company with an excellent business model, but it is creating real tangible value for the region by helping SMEs grow. It also has a first-mover advantage in a significant market, all of which creates a very bright future.” Karim Beshara, General Partner at A15, said.

 

Blessed Frank

Leave a Reply

The Ouut 2022
Share via
Copy link
Powered by Social Snap