Flextock, an Egyptian logistics startup, has secured $3.25 million in pre-seed funding to expand across the Middle East and North Africa region
Flextock is a Middle East-based tech-enabled e-commerce fulfillment company that tracks, packages, and ships goods for retailers looking to start or scale their online commerce operations, utilizing partnerships with regional logistics firms.
The company has now signed over 100 merchants and has 5,000 SKUs, and it is rapidly expanding. It now intends to use the funding to expand more, citing that it is the biggest pre-seed round ever earned by a Middle Eastern tech startup.
The startup has raised $3.25 million in pre-seed funding to help shoppers and companies handle e-commerce and distribution activities, from warehousing and storage to shipping and cash collection.
In September 2020, Mohamed Mossaad and Enas Siam formed Flextock. The company, however, did not begin operations until January 2021.
Flextock has also secured strategic funding from Flexport, a tech-enabled logistics company, a personal investment from a Sequoia Capital scout, and other prominent angel investors in the GCC.
“Flextock is a mission-driven organization,” said Mohamed Mossaad, Flextock’s co-founder and CEO. “We’re on a quest to help all retailers, regardless of size, scale their products efficiently. This new investment will assist us in achieving that goal. We will use that to accelerate our success by improving our offerings and recruiting a strong team.”
The funding would be used to allow the startup improve its position in Egypt and grow regionally by the end of 2021.
Source: Tech Gist