Egyptian-founded Koinz, a customer engagement platform for restaurants, has secured a $4.8 million seed investment. American entrepreneur, Justin Mateen led the round with participation from VC 4DX Ventures, and angel investors from Egypt, Turkey, and Saudi Arabia.
Per Techcrunch, the three-year-old startup was able to get this fund due to the value it provided during the pandemic. Apart from Egypt, it is also present in Saudi Arabia and the UAE.
With this investment, Koinz wants to expand to other nations in the Middle East, and also hire more talents.
Food and beverage enterprises tend to lose track of offline customer data, unlike online orders. So, Koinz’s solution is a digital rewarding system that drives customers to stick with a brand.
It does this by rewarding customers with points for every purchase made. The points, once accumulated over time, can be used to redeem prizes from the outlet. It also gives room for customers to leave reviews.
Businesses access these services via the Koinz mobile app and they pay a commission on every order made via the platform.
The startup claims to have had up to 4 million consumers and have customers redeem almost 300,000 rewards.
Featured Image Credits: Koinz