The company enables businesses to outsource logistics needs such as first mile, warehousing, last mile, cash collection, and returns
In the largest pre-seed round of the Middle East & North Africa, Egyptian ecommerce logistics marketplace startup Flextock raised $3.25 million to pursue expansion to different new markets.
Flextock leverages proprietary software to offer merchants end-to-end ecommerce fulfilment and logistics solutions on demand to online businesses.
Enas Siam, Flextock’s Co-Founder and COO added “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 fulfilment and logistics solutions.”
The company enables businesses to outsource logistics needs such as first mile, warehousing, last mile, cash collection, and returns while allowing merchants access to a digital dashboard to monitor their inventory in real-time, keep an eye on their KPIs, and manage returns and cashback.
Ecommerce in the region continues grow rapidly, encouraged by an increase in online shopping demands due to the COVID-19 virus pandemic, however logistics still remains one of the biggest hurdles for both consumers and businesses alike.
Since its launch, Flextock has signed more than 100 merchants with 5000 SKUs, and is available for more than 15 industries in 28 Egyptian cities.
The pre-seed round investment was provided by several international and regional investors. These included Foundation Ventures, MSA Capital, CRE Venture Capital, Alter Global, Jameel Investment Management Company, B&Y Venture Partners, Access Bridge Ventures, and Y Combinator, US-based multi-billion-dollar logistics scaleup Flexport, and multiple angel investors from the region.
“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,” said Mohamed Mossaad, Flextock co-founder and CEO.