That makes it the largest pre-seed fund secured yet in MENA history, a huge milestone for the e-commerce logistics platform.
Egyptian-based E-commerce logistics marketplace, Flextock, closed a record $3.25 million pre-seed funding round, touted as the highest pre-seed in the MENA region, just two months after graduating from Y Combinator’s winter batch.
The investors in the funding round include Egyptian VC Foundation Ventures, Y Combinator, MSA Capital, CRE Ventures, Alter Global, Jameel Investment Management Company (JIMCO), B&Y Ventures Partners, and Access Bridge Ventures. The company also received angel investments from an unnamed Sequoia Capital scout, investors in the GCC region, and Flexport – a U.S-based digital freight forwarder and custom broker.
Launched in January 2021, Flextock leverages proprietary software to help consumers and businesses manage e-commerce and fulfillment operations. From warehouse and logistics to delivery and cash collection, Flextock provides end-to-end solutions to enable effective scaling of business activities. In just five months, the company has already signed over 100 merchants on its platform and 5,000 stock-keeping units (SKUs).
“As the scale pace of the Middle East’s digitally-enabled enterprise ecosystem accelerates, we believe that Flextock will be an integral layer for emerging retailers,” said MSA Managing Partner Ben Harbrug. “On-demand, malleable, technology-driven externally managed logistics provides critical services at a superior quality and price. We believe that the next generation of regional commerce will be built on the Flextock platform.”