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Koinz Raises A $4.8M Seed Round To Help Restaurants Grow Using Data And Rewards

Startups

March 9, 2021, 1:40 p.m.

Koinz, a Cairo-based customer engagement platform, has just closed a $4.8 million seed round. In an announcement shared by Menabytes, the seed round was led by Justin Mateen the founder and former CMO of popular dating app Tinder. Justin will join the board as one of the conditions of the transaction. In his portfolio are investments into several early-stage startups. This is his first fundraising experience with a Middle Eastern startup. The round includes participation from 4DX Ventures and several other angel investors spread across Egypt, Turkey, and Saudi Arabia.

Koinz was founded in 2018 by Ahmed Said, Abdullah Al Khalidi, and Hussein Momtaz. Koinz remains a customer acquisition retention platform serving restaurants. Among its suite of products are a consumer app that enables restaurants to gain insights on their offline and online customer base accompanied by retention rewards.

Restaurants using the Koinz platform are charged a monthly fee for services ordered which includes a cut on every order the restaurant receives through its consumer app. Koinz is currently in use by over 1000 restaurants across Egypt, Saudi Arabia, and the UAE. Over 4 million users earn points on Koinz once they use its services. Koinz has over 80 employees working in Saudi, Egypt, and the UAE.

Menabytes

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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