Koinz, the Egyptian F&B startup, has raised $4.8 million in a seed funding round, led by Justin Mateen, with participation from 4DX Ventures and strategic angel investors in Egypt, Turkey, and Saudi Arabia.
Koinz builds technology tools that empower restaurants of all sizes in the Middle East to quickly increase revenue through meaningful, rewarding, and data-driven interactions with their customer base.
The platform allows restaurants to acquire new customers that use its mobile app for takeout and delivery orders. It also allows restaurants to access and take action on this new customer base as well as bridge the gap between offline and online customer activity (those coming in through the Koinz aggregator and those visiting locations in person).
The startup was founded in 2018 by Hussein Momtaz, Ahmed Said, and Abdullah Al Khalidi, who recognized that most tech platforms in the F&B industry charged fees that erode restaurant owner’s profit margins while delivering limited customer access and interaction. Koinz aims to bridge the gap so that restaurants of all sizes can make smarter business decisions and quickly increase revenue. It aims to collect and track real-time data on customer behavior, improve customer satisfaction and leverage a digital rewarding system.
Nearly 4 million consumers in the Middle East have earned points on Koinz by ordering at their favorite local restaurants, the startup states.
Lead investor, Justin Mateen who is also the founder of Tinder, will be joining the board of directors. Along with Peter Orth who is the Co-Founder and Managing Partner at 4DX Ventures.
Peter commented on the round, “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.”
The platform is currently available to restaurant owners in Egypt, Saudi Arabia, and the UAE. With the new capital, Koinz will hire more talent and fuel the company’s expansion across the Middle East.
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