The five-month-old business secured the interest of VC Foundation Ventures and Y Combinator among other VCs and angel investors, raising $3.25m in the process.
History gets some boost when actors and players break new boundaries. You can’t but spot this in the recent $3.25m pre-seed raised by Egypt’s Flextoch.
Beating the mark
The (pre-seed) round is the biggest in the Middle East and North Africa (MENA) region yet, coming two months after fellow Egyptian fintech Dayra raised $3m.
In an official statement, the eCommerce fulfilment services company said it’s planning to use the investment to strengthen its presence in the Egyptian market, expand and attract the region’s top talents before the end of 2021.
The last nine months have been amazing for Flextock. Founded in September 2020, the startup has closed two pre-seed rounds this year. The first being an $850k round (concluded in March) and the most recent $3.25m.
These wins are impressive, suggesting considerable progress for a business that just graduated from the Y Combinator winter funding cycle. Flextock featured as one of the ten (10) African startups accepted into the exercise.
Inspiration for startups in the MENA region
With the record $3.25m investment in the bag, not a few startups in the Middle East and North Africa will draw strength from Flextoch’s successes to consolidate the provision of solutions and value creation. Which sectors will be at the centre of it all: eCommerce, fintech or talent?
End goal: As per TechCrunch, the ambition of the Egypt-based startup is to capture a large portion of the MENA region’s $25 billion eCommerce logistics market. The company could reach this goal in good time with vital growth metrics all in its favour. Bold.