Egyptian logistics startup Flextock has raised a US$3.25 million pre-seed funding round to expand across the MENA region.
Launched in January 2021, Flextock is a tech-enabled e-commerce fulfillment provider in the Middle East, which tags, packages, and ships products for merchants seeking to launch or scale their online commerce capabilities, leveraging relationships with logistics companies in the region.
The startup has already signed more than 100 merchants with 5,000 SKUs, with the business growing exponentially. It now plans to expand further with the funding, which it claims is the largest pre-seed round ever raised by a Middle Eastern tech startup.
Flextock has secured an international investor base that includes Foundation Ventures, MSA Capital, CRE Venture Capital, Alter Global, Jameel Investment Management Company (JIMCO), B&Y Venture Partners, Access Bridge Ventures, and Y Combinator, the latter after the startup participated in the renowned accelerator programme.
Additionally, Flextock has received strategic investments from the tech-enabled logistics giant Flexport, a personal investment from a Sequoia Capital scout, and several influential angels in the GCC.
The funding will be used to help the company strengthen its presence in the Egyptian market, expand regionally before the end of 2021, and continue to invest in technology and scale its products. Flextock also hopes to build a “superstar team” by attracting the region’s top talents across various functions.
“Flextock is a purpose-driven company,” said Mohamed Mossaad, Flextock’s co-founder and chief executive officer (CEO). “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.”