Egypt-based ecommerce logistics marketplace Flextock, has raised $3.25 million pre-seed round, touted to be the largest in the MENA region.
The investment came from Foundation Ventures, MSA Capital, CRE Venture Capital, Alter Global, Jameel Investment Management Company, B&Y Venture Partners, Access Bridge Ventures, and Y Combinator. The startup also received angel investments from an unnamed Sequoia Capital scout, investors in the GCC region, and Flexport.
Founded in 2020 by Mohamed Mossaad and Enas Siam and launched earlier this year, the startup leverages proprietary software to help consumers and businesses manage e-commerce and fulfilment operations. Flextock provides end-to-end solutions by enabling online businesses of all sizes to outsource all their logistics needs – first mile, warehousing, last mile, cash collection, and returns.
In a statement, Flextock said that it has already signed over 100 merchants with 5,000 SKUs. According to its website, Flextock services are available for more than 15 industries , with a capacity to fulfil over 300,000 orders on a monthly basis.
Mohamed Mossaad, the co-founder and CEO of Flextock, commenting on the occasion, said, “Flextock is a purpose-driven company. We are on a mission to enable all merchants, regardless of their size, to efficiently scale their brands. This new funding will help us achieve that. With it, we can turbo-charge our growth by further building our products and hiring a solid team.”
Enas, commenting on the investment, said, “We see a huge opportunity in powering the next generation of commerce in the region by allowing anyone to seamlessly start and grow an online business by leveraging our tech-enabled fulfillment and logistics solutions.”
With this latest funding, Flextock plans to expand to different new markets in the region.
lter CEO and Founder, Jesse Sullivan, said, “Our mission is to find and back the world’s top tech founders. Mohamed and Enas are clearly that. Through Flextock, they are igniting growth in the Middle East, which will inspire a rising cohort of entrepreneurs in that ecosystem. They are just the kind of high-character, role model founders we are looking for.”
Mazen Nadim, the Managing Partner of Foundation Ventures, said “We recognize the massive opportunity in logistics presented by the rise of e-commerce in the region. Flextock is building the underlying infrastructure so that any e-commerce player can scale their operations on-demand! We are proud to have been Mossaad and Enas’s first backers and thrilled for the journey ahead.”