Egyptian start-up FlapKap, which specialises in e-commerce solutions, raised $1.2 million in its latest funding round to expand into new markets and improve its technology.
The round was led by Egypt-based early-stage venture capital firm A15.
Founded this year, FlapKap primarily caters to e-commerce and software-as-a-service (SaaS) businesses.
The company offers artificial intelligence-based insights to help businesses optimise their advertising spend and maximise profits. It also offers clients revenue-based flexible payment plans on their advertising spend to ensure sustainable growth without cash constraints.
“We have taken a proven international business model and adapted it for the Middle East … our solution empowers SMEs [small and medium-sized enterprises] and start-ups to grow sustainably, without losing equity, and to help manage their cashflows,” said Ahmad Coucha, co-founder and chief executive of FlapKap.
“With a first mover advantage and a huge market opportunity, we are excited to extend the growth opportunities we have unlocked for our early clients to the whole region.”
FlapKap’s market opportunity is huge.
The e-commerce market in the Middle East and North Africa region is fast catching up with mature markets such as China, with many online retailers scaling up their services to avoid Covid-induced disruptions, a recent report by EZDubai, an e-commerce zone in Dubai South, and Euromonitor International said
The total e-commerce market size in the region is expected to reach $49 billion in 2025, surging from $31.7bn last year, it added.
Strong internet penetration rates, high possession of digital devices, rising incomes, improving logistic advancements and the presence of global players in the market are driving e-commerce adoption in the region, industry experts said.
FlapKap said it expects the e-commerce market to grow rapidly due to the Covid-induced accelerated adoption of online solutions in the region.
The start-up, which currently operates in the UAE and Egypt, also plans to launch its services in Saudi Arabia — the Arab world’s biggest economy — in the coming months.
And following its recent funding, the start-up has plans to expand even further into the Middle East and Africa region.
“A15 is proud to lead the fundraise for FlapKap … [it] is not only a visionary company with an excellent business model, but it is creating real tangible value for the region by helping SMEs grow,” said Karim Beshara, general partner at A15.
“It also has a first mover advantage in a significant market, all of which creates a very bright future.”
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Weekend of August 10-13
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Liverpool v West Ham United
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
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Avatar: Fire and Ash
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
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Yemen's Bahais and the charges they often face
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The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
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Producer: Matchbox Pictures, Viacom18
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How to apply for a drone permit
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- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
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Background: M&A, investment banking
Studied: Corporate finance
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