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Startups Capiter has sacked the two founders of the company for mismanagement of funds Published 13 hours agoon September 11, 2022 Capiter, an Egyptian B2B startup that brings together FMCGs, Wholesalers, and Merchants in one platform, has sacked the two founders of the company for mismanagement of funds. In September 2021, Capiter raised $33 million in series A funding to compete in the country’s growing B2B e-commerce and retail space. However, fast forward to exactly a year later,  Mahmoud Noah (Co-Founder & CEO) and Ahmed Noah (Co-Founder and Chief Commerical Officer), the two founders who led the fundraising, have been accused of funds misappropriation and were eventually relieved of their executive positions by the board of directors, largely the investors in the company. Here are some of the crisis that has been rocking Capiter lately It was learned that the decision to sack Capiter’s Founder and Co-founder, came after the two brothers Mahmoud Noah and Ahmed Noah refrained from appearing before the board of directors after internal disturbances, and disagreements over their management method. They refused to attend the meetings that were held because they were outside Egypt without a clear justification. News spread on social media that the brothers,…
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