The Egypt-based startup Raseedi that optimises telecom spend for users on Wednesday raised $400K funding in a seed round led by 500 Startups along with a couple of backers; Falak Startups and EFG-EV Fintech.
Founded in 2018 by Ahmed Atalla (CEO) and Samuel Samy (COO), Raseedi helps its users to measure and keep track of their telecom consumption and suggests the best packages to subscribe. For dual SIM users, the app automates calls from the cheaper SIM card to save between 20 to 30 percent on telecom charges.
Raseedi utilises a smart algorithm to cross-match user consumption with the most suitable package out of the 500+ telecom packages available in the region. The mobile application offers Raseedi Credits feature to recharge both SIM cards without bearing the hassle of recharging the two separately and save time. The company is also planning to expand into a number of other sectors including food, utilities and ride-hailing by turning itself into first of its kind ‘Optimisation Wallet’ in the region.
Within just 10 months of serving duration nationwide, the application has already been downloaded by over 200,000 users. The company is planning to utilise the funding to expand deeper into the region and fully automate the user experience.
Statements enclosing the deal
Raseedi in a statement on Wednesday mentions…
“40m Egyptians are walking around with 2 SIM cards to optimize telecom spend. We decided to offer them a higher level of optimization that can save them up to 30% of their monthly spend with our smart algorithm suggestions. In the first week, we clocked 5,000 downloads with minimal marketing spend and that’s when we knew the market is in need for an optimization App. We shortly left our jobs, joined Falak Startups accelerator and everything flew from there. We’re now on a new mission to optimize spend beyond telecom.”
– Ahmed Atalla, CEO & Co-founder, Raseedi
“We’re expanding and increasing our engineering and commercial teams to develop the “The O-Wallet” or optimization wallet. Within a couple of months, users will be able to recharge and save up to 30% of their credit spend by recharging directly through Raseedi credit. Raseedi will automatically allocate users spend among both sim cards and activate the bundles instantly.”
– Samuel Samy, COO & Co-founder, Raseedi
“We are pleased to support Ahmed and Samuel as they establish and grow Raseedi, a unique product which manages a live android app targeting the 40m dual mobile SIM users in Egypt. Since the launch in January 2019, Raseedi has reached more than 200k downloads, which portrays the need for spend optimization and saving. At 500 Startups, we believe in backing great founders and helping them thrive, and Raseedi is one such example. As lead investors, we are confident that their niche product and the competencies of the team will position Raseedi as a leading player in the telecom and payments industry.”
– Sharif El-Badawi, Managing Partner, 500 Startups MENA
“Having closely monitored Raseedi’s growth since they first joined Falak Startups, it was an easy investment decision; a great team with clear vision and intent with a unique product that serves the masses. We are really delighted to be part of their growth journey. This is only the beginning for Raseedi and we look forward to the continuation of our very promising cooperation and synergies on various fronts.”
– Mahmoud El-Zohairy, CEO, EFG-EV Fintech
“At Falak Startups, we invest in and partner with the best and brightest entrepreneurs and teams in tech to build a prosperous future, so Raseedi is the perfect fit for us.
It’s rare for a startup to provide genuine value to the entire ecosystem in which it operates, with Raseedi quickly becoming an irreplaceable service for millions of Egyptians. Raseedi has ambitions to become the regional leader in optimization services, and we are delighted to be on board to help them achieve this goal.”
– Farah Ehsan, Head of Programs & Marketing, Falak Startups
ⓘ Image source: Magnitt