Egypt-based online food ordering and restaurant aggregator Koinz, on Monday, raised $4.8 million in its seed funding round led by Tinder founder Justin Mateen, with participation from 4DX Ventures and strategic angel investors in Egypt, Turkey and Saudi Arabia.
The platform is currently active in Egypt, Saudi Arabia and the UAE, and planning to deploy the capital towards growing its team and fueling expansion across the Middle East.
Founded in 2018 by Hussein Momtaz, Ahmed Said and Abdullah Al Khalidi, Koinz enables restaurants of all sizes to make smarter business decisions and quickly increase revenue using data-driven approaches. It allows them to collect and track real-time data on customer behaviour, improve customer satisfaction and leverage a digital rewarding system.
As a part of latest development, Justin Mateen and Peter Orth, managing partner at 4DX Ventures will join the board of directors of Koinz.
Commenting on the funding round for Koinz, Peter Orth said,
“Restaurants in the region are suffering under the traditional aggregator model, especially during the pandemic. Koinz is offering a unique tech platform that goes beyond an aggregator tool and has quickly become a win-win for both consumers and restaurant owners across the Middle East,”
“Restaurants can now for the first time ever ‘see’ all of their interactions with consumers across both offline and online touchpoints, which is a huge benefit during the pandemic when in-person visits were limited and therefore customer acquisition would have typically been lost. I think Hussein and his team have the ability to reshape the future of the region’s on-demand food & beverage industry in the coming years,” Orth added