In September 2022, Egyptian B2B e-commerce startup Capiter, which had raised a $33 million Series A round a year prior, faced severe turmoil. The company laid off at least 100 employees between June and July, representing a significant portion of its workforce, as it struggled with financial mismanagement and a rapidly dwindling runway. Concurrently, the board fired the CEO and COO, citing their inability to fulfill duties, failure to report during due diligence for a potential merger, and alleged fund mismanagement. Operating in the competitive African B2B retail and fintech space, the once high-flying startup, which had aggressively hired to reach ambitious targets, was left seeking a buyer to salvage the business amid a broader global downturn affecting tech startups.
