Founders of well-funded Egyptian B2B startup Capiter fired following fraud allegations

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.

*Source: https://techcrunch.com/2022/09/09/founders-of-well-funded-egyptian-b2b-startup-capiter-fired-following-fraud-allegations/