FlapKap, an Egypt-based startup revolutionising e-commerce and SaaS growth in the MEA region, announces its launch and successful completion of a $1.2 million fundraising. The funding was led by A15, the leading MENA venture capital firm and one of the region’s most prominent backers of early-stage startups.
About FlaKap
FlapKap is the MEA’s first company of its kind, and it’s a regionalized counterpart of Clearco and Wayflyer. The startup was founded in 2021 by entrepreneurs with track records in e-commerce, media, and digital banking. The Co-founder and CEO Ahmad Coucha is also the co-founder of MENA’s leading advertising agency Kijamii and a Harvard graduate. Khaled Nassef, the co-founder and CTO, is formerly a German neobank N26 and Amazon, while Sherif Bichara, FinOps Manager, formerly at Helios and Lazard.
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FlakKap has two key value propositions: first, it provides AI-based intelligence to online businesses to help them optimise their advertising expenditure and maximise earnings. Then, on that advertising spend, it offers these firms revenue-based variable payment arrangements to support long-term growth without liquidity restraints.
Dominating MEA
FlapKap is currently operating in the UAE and Egypt and will expand to Saudi Arabia shortly. The company also plans to expand across MEA and acquire merchants quickly.
Talking about the funding, Ahmad Coucha remarked, “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 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.
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FlapKap’s market opportunity is substantial. According to Bain & Company, the MENA e-commerce market was valued at $8.4 billion in 2017, up 25% year over year since 2014, and is expected to reach $28.5 billion by 2022. FlapKap estimates these figures to have risen significantly due to the COVID-19 pandemic’s accelerated 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, creating a very bright future,” says Karim Beshara, General Partner at A15.
