Flextock, one of the 10 African startups from the recent Y Combinator winter batch, has bagged an impressive pre-seed round just two months after graduation.
The five-month-old company, which helps consumers and businesses manage e-commerce and fulfillment operations — from warehousing and logistics to delivery and cash collection — has closed a $3.25 million pre-seed investment.
As it stands, this is a record high for the MENA region, which also had a record-high two months ago in fellow Egyptian and YC winter batch startup Dayra. The fintech company raised $3 million in debt and equity.
Mohamed Mossaad and Enas Siam founded Flextock in September 2020. However, the company didn’t launch until January 2021. When we covered the company in March, it had just raised $850,000 but CEO Mossaad made it clear that more was still to come.
The investors in this round include Egyptian VC Foundation Ventures, Y Combinator, MSA Capital, CRE Ventures, Alter Global, Abdul Latif Jameel Technology Fund, B&Y Ventures Partners and Access Bridge Ventures. The company also received angel investments from an unnamed Sequoia Capital scout and investors in the GCC region.
Flextock currently serves the Egyptian market. It leverages proprietary software to offer merchants end-to-end e-commerce fulfillment and logistics solutions on demand. Since its launch, the company claims to have signed more than 100 merchants to its platform, with thousands of stock-keeping units (SKUs). The company also says it is growing 25% week-on-week.
“In the last two months we launched different products to help merchants grow their brands more efficiently,” Mossaad told TechCrunch.” We’ve built various partnerships with different logistics services providers in the market to offer merchants an E2E experience, quadrupled the number of merchants and doubled the size of our team.”
Flextock wants to capture a large portion of MENA’s $25 billion e-commerce logistics market, and Mossaad says the funding will help with that ambition. The company plans to put the funding into strengthening its presence in Egypt, technology, recruitment and regional expansion before the end of the year.
In the MENA region, Flexport will face competition from Trella, another Egyptian logistics company backed by YC. The accelerator has now invested in four logistics and digital freight startups, including Nigeria’s Kobo and SEND, ever since it successfully backed Flexport in 2014.
Despite having a global operation, the freight forwarder is testing the waters in the MENA region — on the Flexport website, there’s a role for a Partnerships Manager, Turkey & Middle East. Although Flexport has freight forwarding and custom partners in the region, its interest in deepening reach in MENA might have spurred it to examine other opportunities. Flextock appears to be one as the Egyptian company revealed that it received a “strategic investment” from the logistics giant in this round.
CEO Mossaad said that having Flexport onboard not only serves as a strong vote of confidence to the company’s growth potential but will help it build a regional interconnected network of e-commerce logistics services providers by leveraging their wide network of partners around the world.
That said, it will be interesting to see how this investment plays out in the foreseeable future.
For Mazen Nadim, the managing partner at Foundation Ventures, Flextock’s e-commerce fulfillment and logistics play will be key to realizing the regional dominance it craves.
“We recognize the massive opportunity in logistics presented by the rise of e-commerce in the region,” he said. “Flextock is building the underlying infrastructure so that any e-commerce player can scale their operations on-demand.”
Flextock’s investment continues the series of seven-figure pre-seed rounds that have become more prevalent in the African tech scene. No less than six startups (including Flextock) have raised $1 million or more in this round in the past year. They include Egypt’s Zedny, Cassbana and Flick; and Nigeria’s Okra and Autochek, with the latter raising the largest pre-seed investment yet in Africa at $3.4 million.
Service Objects Announces New Whitepaper on Address Autocomplete
Address autocomplete capabilities have become an important part of the movement towards frictionless e-commerce. This new whitepaper will help businesses avoid common pitfalls in choosing a product.- Geoff Grow, Founder and CEO, Service Objects
SANTA BARBARA, Calif. (PRWEB) May 13, 2021
Service Objects, the leading provider of real-time global contact validation solutions, is pleased to announce a free whitepaper on how to select an address autocomplete product. The whitepaper provides a detailed overview of what to look for when using these products with business applications, as well as an introduction to Service Objects’ own DOTS Global Address Complete product, the only autocomplete service with address validation built-in.
Address autocomplete capabilities for web and business forms offer dramatic improvements in productivity, address accuracy and customer experience. They can reduce the number of keystrokes needed for address entry by up to 80% by automating the selection of mailing and billing addresses, providing a more seamless experience for e-commerce applications.
However, many current autocomplete tools lack the capabilities needed for intensive ecommerce and business applications, such as apartment and suite-level addressing, international capabilities, and address validation. This new whitepaper provides a detailed overview of how autocomplete works, including business use cases, facts and statistics about address capture, and a checklist of capabilities to look for in your address autocomplete product search.
It also introduces Global Address Complete, designed from the ground up for business and e-commerce, where it can reduce cart abandonment by up to 30% and improve delivery accuracy. It provides real-time type-ahead suggestions from the first keystroke, response times as fast as 100 milliseconds, address accuracy to the apartment and suite level, and support for addresses in over 250 countries, as well as integrated CASS-certified USPS address validation.
“Address autocomplete capabilities have become an important part of the movement towards frictionless e-commerce,” notes Geoff Grow, Founder and CEO, Service Objects. “This whitepaper will help businesses avoid common pitfalls in choosing a product and shows how Global Address Complete can provide a secure, business quality solution for more accurate billing, shipping, delivery and more.”
Along with this new whitepaper, Service Objects is offering a free license key for testing Global Address Complete with up to 500 transactions, as well as expert implementation assistance, available 24/7/365 technical support, and guaranteed 99.999% uptime. For more information on Global Address Complete or any of Service Objects’ data quality products, please contact us.
About Service Objects
Founded in 2001, Service Objects is the leading provider of contact validation solutions, validating online transactions in real-time, including contact name, address, phone, email, and device. Using Service Objects’ global validation and location web services, businesses can identify potentially fraudulent contact records, append additional contact information, and process transactions in a more efficient manner. Service Objects has validated over 4 billion contacts, and major brands such as American Express, Microsoft, and Amazon rely on Service Objects for their data validation needs. For more information about Service Objects’ real-time web services, contact email@example.com.
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Mimeo Photos Launches App For Android
We continually expand our offering both through new products and new channels to provide customers the flexibility to order what they want, how they want. Today I could not be more excited to introduce a mobile option for our customers who use Android devices.
NEW YORK (PRWEB) May 13, 2021
Mimeo Photos, the premium, customizable photo product solution announced the launch of its app for Android. Mimeo Photos’ users can now create their photo projects directly from their Android device where most of their pictures are captured and stored, making it a seamless process to order premium photo goods on the go. Android users can create photobooks, cards, calendars, prints, home decor, wall art and more right from their phone.
“We continually expand our offering both through new products and new channels to provide customers the flexibility to order what they want, how they want. Today I could not be more excited to introduce a mobile option for our customers who use Android devices,” said Sean Doherty, General Manager of Mimeo Photos. “The phone is an integral part of everyone’s life, so it made perfect sense to open our services through a mobile app for Android users so people can create superior photo products no matter where they are.”
- Designed specifically to deliver intuitive navigation, editing and ordering from a smaller screen.
- Leverages capabilities of Android to simplify project creation and checkout, streamline importing of photos and improve order updates through notifications.
- Access to a library of curated content and resources including photography tips, project creation techniques and best practices tailored for creating photo gifts on a mobile device.
- Ability to start a project on any Android device and then resume it later on another device such as a tablet or desktop, and vice versa.
- Works seamlessly in portrait or landscape mode, ideal for laying out projects like photobooks, cards and wall decor.
“At Mimeo Photos, we continually strive to be available wherever a moment is captured. It all began on Photos for macOS. From there we expanded to the Web. Earlier this year we launched on iOS and iPadOS. Today, we’re incredibly excited to announce support for all customers using Android devices.” said Jim Simpson, Mimeo Photo’s Vice President of Product. “With the release of Mimeo Photos for Android, we uphold our ongoing commitment to be wherever your photos are.”
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Majic Wheels Corp Announces the Appointment of New CEO & Director David Chong and the Application to OTCIQ
Austin, Texas, May 12, 2021 – OTC PR WIRE – Majic Wheels Corp. (OTC Pink: MJWL) (“Majic” or the “Company”) a Delaware corporation, intends to position itself as a player in the disruptive industries of and Fintech and software development by means of an acquisition and merger is pleased to announce the following updates:
Majic Wheels, Corp. is proud to announce the addition of David Chong as Chief Operating Officer and Director of the Board.
“This appointment provides the Company access to Mr. Chong’s dynamic knowledge in business development and Fintech background, a strategic step for the Company “, stated former CEO, Kim Halvorson and Current Director for the company. “He is an established proven leader and has expertise in early-stage growth companies in emerging industries; and will no doubt be a huge asset for us”.
Shaw Cheng “David” Chong has over 30 years working experience in medium and large private and publicly listed manufacturing companies. Familiar with navigating China, US, Europe, Singapore and other capital markets, his expertise includes international financial management, operations, auditing, funding, business development, internal control maintenance, corporate governance and investor relations. He has qualifications in professional accountancy studies from ACCA (the Association of Chartered Certified Accountants). Mr. Chong was the Financial Controller for Amtek Engineering Ltd. in China From 2007 to 2010 he was Strategic Advisor to Nasdaq China Recycling Energy Corporation, and later in 2010 he became CREG’s Investor Relationship Director prior to assuming the role of Chief Financial Officer from 2011 to 2015, and reverting to Strategic Advisor until May 2016. From May 2015 to March 2019, Mr. Chong served as the Managing Director (Asia) of Hover Energy LLC, and concurrently from March 2016 to December 2016, he acted as Treasurer and Interim President of Nutrastar International. Mr. Chong became board advisor to NexG Ptd Ltd. in November 2016 and was subsequently appointed as Chief Financial Officer of NexG in January 2017 until April 2018, and Chief Financial Officer of Qourier from April 2018 to December 2019. Mr Chong was Strategic Advisor to Viagoo Pte Ltd from January 2020 to June 2020 and was appointed to OTC Muliang Viagoo Technology, Inc as Chief Financial Officer from June 2020.
“I am excited to join the company as I am very passionate about the strategic marriage of the financial industry and software technology, which can generate disruptive growth in an emerging marketplace,” commented David Chong, newly appointed CEO.
In addition, the Company has submitted the OTCIQ application, retained a new experienced public company team of service providers to bring positive changes to OTC Markets compliance and shareholder transparency which will increase it’s value to the shareholders.
About Majic Corp, Inc.
Majic Corp Inc., a Delaware corporation, intends to position itself as a player in the disruptive industries of and Fintech and software development by means of an acquisition and merger. Majic Wheels Corp. is listed and traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol “MJWL”.
For more information about the Company visit:
Our OTC Markets Profile: https://www.otcmarkets.com/stock/mjwl/overview
Our website is: https://majiccorp.co/
Our Twitter account is: https://twitter.com/MajicCorp
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Majic Wheels Corp.
FOR MORE INFORMATION, PLEASE CONTACT:
YEP Announces Kevin Harrington and Steve Mandell Appointed to Advisory Board
Leawood, Kansas, May 12, 2021 – OTC PR WIRE — YEP, Inc., (“YEP”), an innovative sales and marketing company, announced today the appointment of Kevin Harrington and Steve Mandell to its Advisory Board.
Kevin Harrington was the original “Shark” of Shark Tank, the creator of the infomercial as well as the “As Seen On TV” brand. Working behind the scenes in a variety of business ventures, he has produced more than $5 Billion in global sales, launched more than 500 products, and made dozens of millionaires.
Mr. Harrington stated, “I believe that entrepreneurs are the backbone to innovation. New technologies drive the way we live, eat, and exist as humans, and some of the world’s greatest achievements come from entrepreneurs who have a vision and a dream. Building a business can often times be challenging. YEP is a place to bring these innovations to life by providing the support that entrepreneurs need for growth.”
Steve Mandell, an innovative entrepreneur, is the CEO of Gameplan Enterprises and has 30 years of experience in negotiating top tier agreements in sports, media, business, licensing and brand development. He has procured and negotiated several TV shows and has a full-service digital design firm and podcast network.
Mr. Mandell said, “I am excited about the growth potential for YEP especially the exclusive agreements for the distribution of CBD products, the FDA approved skin protectants, and the Flux Hydration System. With the experienced management team leading the effort and the opportunities worldwide, I expect successful and rapid growth.”
Jimmy Ezzell, Chairman and CEO of YEP, stated, “We are very excited about Kevin and Steve joining our Advisory Board. Their respective experiences, relationships and the energy they bring to YEP are tremendously valuable.”
About YEP, Inc.
YEP is a sales and marketing company with proprietary products and services, selling through affiliate marketing, direct sales, wholesale and direct channels. Our affiliate members use our fully integrated and proprietary online platform to grow and track all aspects of their businesses and to select from several tiers of access to our subscription-based platform. The platform provides our members with: training for social media marketing and content development; lead generation, sales and customer retention; and business strategy, business management, customer support and specialized growth tools. We are an engaged online community of like-minded entrepreneurs and business owners working together, supporting each other, and learning from each other. Please see www.yeptribe.com, www.drinkflux.com, and www.axiom8.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, product market trends, variations in the company’s cash flow, market acceptance risks, technical development risks, seasonality and other risk factors.
For inquiries, please contact C. J. Floyd, CFO, at (941) 928 – 2019 or firstname.lastname@example.org
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