FlapKap, a tech-enabled revenue-based financing platform aiming to revolutionise ecommerce growth, has bagged $3.6m in a seed round.
The round saw participation from Bolt by QED, Nclude, Outliers and investor A15. This latest round comes six months after the company’s pre-seed raise.
FlapKap supports e-commerce businesses to scale and grow by targeting businesses that have traditionally had limited access to bank or venture capital financing.
The firm offers insights and analytics to e-commerce businesses to help them accelerate growth and swift access to working capital financing for deployment on inventory and digital marketing spend.
According to FlapKap, it prides itself on ‘fast and data-driven decision making’ which allows it to make merchants an offer less than 2 days after they sign up.
Fees are paid back as a percentage of revenues, meaning if revenues slow down, so do repayments.
FlapKap will use the new funding to increase its capacity in helping more e-commerce businesses in the MENA region scale and maximise their growth potential, as well as consolidate its position as the region’s foremost and leading revenue-based financing player.
The company also aims to solidify its presence in Saudi Arabia, the UAE and Egypt by offering e-commerce businesses the ability to scale their inventory and digital ads now, while flexibly paying later.
FlapKap CEO and co-founder Ahmad Coucha said, “As we develop our platform and expand our capacity to enable even more e-commerce platforms to attain their full growth potential, we’re excited to be joined by prominent global investors with deep knowledge and extensive expertise in the revenue-based financing space, having previously invested in some of our international peers.
“Our rapid growth within a short period of time demonstrates the massive unmet demand in our region and, being founders ourselves, we take huge pride in being able to offer this founder-friendly financing to founders and entrepreneurs all across the region.”
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