Customer engagement startup, Koinz has secured $4.8 million in funding. The seed round was led by the founder and former CMO of Tinder, Justin Mateen who is also getting onboarded on the Egyptian-based startup platform.
Also taking part in the seed round funding is 4DX Ventures, an Africa-focused VC alongside other angel investors from Egyp, Saudi Arabia and Turkey.
Founded in 2018 by the trio of Abdullah Al Khalidi, Hussein Momtaz and Ahmed Said, the North African startup is a retention platform for restaurants. Using this service, restaurants can gain insights into their online and offline customers and thus offer them rewards to keep them on board.
Present on the consumer app is a list of restaurants, this allows the users to find out their favorite restaurants, order for delivery as they wish.
As the users place orders through the app, they get to earn customer loyalty points that they can always redeem at the restaurant they made their orders.
Users can also earn customer loyalty points when they do offline orders. They can do this by sharing their mobile phone number related to their Koinz account.
Koinz offers insights for restaurants to leverage, thus they get feedback from their customers while tracking valuable statistics like average spending, visits to arrive at informed 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,” the startup said in a statement.
Also according to one of the leading figures in the Egyptian in the Food and beverage community, Ahmed Hamza, Co-founder and COO, BouzaRoll:
“Koinz helped us understand our loyal customers, have two-way conversations with them and tailor our marketing campaigns to target them. I could see how much they visit and their average spending which wasn’t available before”
The platform is currently used by more than 1000 restaurants in Egypt, Saudi Arabia and the United Arab Emirates.
According to the startup, some of its restaurant partners have seen their revenue growth in less than six months while almost 4 million users have gained customer loyalty points through the platform.
With this latest fund, the Egyptian-based startup plans to grow its team and expand beyond its current region of operation.
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