RIYADH: Egypt-based e-commerce financing platform FlapKap raised $3.6 million in a seed funding round by venture capital firms Outliers, A15 and Bolt by QED.
The company offers a platform to assist e-commerce growth for small and medium enterprises by providing inventory funding based on AI and financial analytics.
“Our rapid growth within a short period of time demonstrates the massive unmet demand in our region and, being founders ourselves, we take huge pride in being able to offer this founder-friendly financing to founders and entrepreneurs all across the region,” co-founder and CEO of FlapKap, Ahmed Coucha, said in a statement.
Founded in 2022, the company will utilize its funding to strengthen its presence in Saudi Arabia, the UAE, and Egypt, as well as support more e-commerce businesses in the region.