Egypt’s customer engagement platform and growth engine serving the F&B industry, Koinz, has raised $4.8 million seed investment led by Justin Mateen, an American entrepreneur with participation from VC 4DX Ventures, and angel investors from Egypt, Turkey, and Saudi Arabia.
The startup was founded in 2018 by Hussein Momtaz, Ahmed Said and Abdullah Al Khaldi. With this investment, the startup wants to expand to other nations in the Middle East, and hire more talents.
The platform, is a food aggregator, with a uniquely engaging experience that helps increase restaurants customer satisfaction as well as keeping them engaged and connected to F&B brands. It also provides detailed data analytics on customer engagement such as who your customers are and their behavioral patterns regarding the brand to help make data-driven decisions.
“Koinz enables a sustainable customer acquisition model for restaurant owners by reducing the cost of customer acquisition up to 60 percent. The loyal consumers using the Koinz app to purchase from restaurants 90 percent more often and they spend 60 percent more per transaction and are the most vocal about what they like,” said the startup in a statement.
Since launch, Koinz has expanded to Saudi Arabia and the UAE and has up to 4 million consumers earning points on its platform.