INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 37
Here are the venture funding activities we tracked in the Middle East and African region this week – including FlapKap, Paymob, Field, Reachware, IO Kitchens, and HissaTech.
- Egyptian fintech startup FlapKap banks $34M pre-Series A funding to expand SME financing services
- Egyptian fintech company Paymob garners extra $22M Series B Investment to expand across MENA
- Nigerian health-tech startup Field gets $11M to tackle Africa's maternal mortality crisis
- Saudi Arabia SaaS provider Reachware lands $3M Seed fund to expand operations
- Oman cloud kitchen startup IO Kitchens closes $2.8M Seed round to expand operations
- Saudi proptech company HissaTech raises $670,000 pre-seed to build strategic partnerships
Egyptian fintech startup FlapKap banks $34M pre-Series A funding to expand SME financing services
Egypt-born fintech startup FlapKap, now headquartered in Abu Dhabi, has secured $34 million in a pre-Series A funding round led by BECO Capital, with new investments from Pact VC and participation from A15, Nclude, QED Investors, and debt financing from Channel Capital.
The new funding comes nearly two years after its initial $3.6 million seed funding in 2022, bringing the company’s total funding to $37.6 million.
Established by Ahmad Coucha, Khaled Nassef, Sherif Bichara, and Kunal Harisinghani in Egypt in 2022, FlapKap provides revenue-based and embedded finance solutions to assist SMEs in increasing their inventory and digital ads with quick cash and the option to pay later.
With this new investment, FlapKap plans to expand its small and medium enterprise (SME) financing services across the Middle East and North Africa (MENA) and the Gulf Cooperation Council (GCC) region. It will also use part of the funding to optimize its infrastructure to launch trade finance products designed specifically for B2B businesses.
