Investor Updates: March 23 2022 - Egypt’s FlapKap launches after raising $1.2m

Egypt’s FlapKap launches after raising $1.2m

Highlights

• Egypt-based software-as-a-service (SaaS) platform FlapKap has launched after raising $1.2 million in a round led by A15.
• Co-founded by Ahmad Coucha (CEO), Khaled Nassef (CTO), Amr Gamal (COO), and Sherif Bichara, FlapKap offers e-commerce businesses AI-based insight to help them optimize their advertising spend.
• It currently operates in the UAE and Egypt, with plans to launch in Saudi Arabia.

Source: MENAbytes

Our Takeaway

As the e-commerce industry in the MENA region grows, FlapKap’s market opportunity is substantial. In 2017, the market was worth $8.4 billion, with an annual growth of 25% since 2014, and is predicted to reach $28.5 billion by 2022. With the accelerated adoption in e-commerce induced by the COVID-19 pandemic, these figures are bound to have increased substantially.

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Eight more African startups confirmed for YC W22 batch

Highlights

• Eight further African startups have been confirmed as participants in the W22 batch of the Y Combinator accelerator.
• The W22 batch of the program is currently taking place and concludes with a demo day next week. Participants receive seed funding as well as further investment opportunities at a demo day. 
• The S21 edition of the accelerator had 15 African participants, the most yet. But with a further eight African names making the current list and taking the total so far announced to 23, that far surpasses the number of African participants in S21.

Source: Disrupt Africa

Our Takeaway

The Y Combinator accelerator occupies a revered position within the global startup ecosystem and its increasing count of African startup participants is somewhat a validation of the continent’s growing tech industry. The accelerator recently increased its standard deal size to $500,000 from $125,000 for a 7% equity stake in startups. Under its new standard deal, it will now also invest an additional $375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms.

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Meaningful Gigs gets $6m to help Africans get remote US jobs

Highlights

• Meaningful Gigs, a go-to marketplace for freelance designers in Africa looking to earn a living by taking on assignments from multinationals in the U.S, recently raised $6 million in seed funding.
• With the funding, the DC-based startup is set to accelerate its growth by signing up more designers on its platform after raising.
• In addition, it is planning an aggressive campaign to get at least 100 corporates on board over the next year, from the current 40 (17 being major enterprises) currently using its platform.

Source: AITN

Our Takeaway

Since the coronavirus pandemic began in late 2019, the gig economy has been on an upward trajectory. More than two years on and the booming economy is not showing signs of a slowdown, including in Africa. According to research, the sector is expected to reach a $455 billion global market value by 2023, double the value in 2018 and a 17% CAGR. As opportunities within this space increase, so do the platforms linking workers with remote jobs.