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Sources said the company was finding it hard to onboard merchants to its platform while running out of money simultaneously
12.09.22 | Interesting article at Tech Crunch

Last September, Egyptian startup Capiter raised $33 million in Series A funding to compete in the country’s growing B2B e-commerce and retail space. Fast-forward a year later, the startup has laid off multiple employees and now its CEO and COO have been relieved from their duties after allegedly mismanaging funds.


Here’s what we know so far. Between June to July, several ex-employees of Egyptian startups, including Capiter, wrote posts about layoffs at their respective companies even though the employers never addressed them publicly. Other companies include OPay Egypt, elmenus, ExpandCart and Brimore.


Some sources told TechCrunch that Capiter had laid off at least 100 staff in those two months. Others described a workplace with poor management and no structure and a company finding it hard to onboard merchants to its platform while running out of money simultaneously. The company had only a month runway as of August, they said. TechCrunch reached out to Capiter at the time but received no response.