- tookeez, a Moroccan startup harnessing the blockchain to improve the loyalty programmes ecosystem, has secured $1.5 million in a fundraising round from Azur Innovation Fund, a public-private seed capital fund in Casablanca, Morocco.
- The startup plans to use the funds to expand into Morocco and the MENA region. The funds will also go into technical development for its blockchain technology system.
- Following this, tookeez plans to expand into other African countries by 2026 to reach 4 million active members by 2028.
tookeez, founded by Hicham Amadi and two sisters — Wiam and Siham Elmejjad — eliminates the challenges associated with loyalty point conversions and transforms the royalty programme ecosystem.
Loyalty programmes reward customers or users for choosing and sticking with a brand. However, point accumulation is typically slow, and redemption is difficult.
Consequently, tookeez collects loyalty points from multiple brands and stores them in a wallet, which users can then use to transact across a large network of stores and brands. Brands use tookeez to allow their customers to pay with accumulated points.
Users who participate in multiple loyalty programmes can also convert their points from one programme to another through a wide network of partners.
There are up to 16 loyalty programme startups in North Africa, but in Morocco, WafR and Advantages Enterprises compete with tookeez.
Meanwhile, Azur said it’s proud to collaborate with tookeez, recognising that the startup is redefining the customer loyalty ecosystem.
“Our ambition is to support entrepreneurs who have a significant impact on the world, and tookeez embodies this vision perfectly,” Adnane Filali, President of Azur Innovation Fund, said.
The loyalty market in Africa and the Middle East is expected to reach $6.48 billion in 2024. Between 2019 to 2023, this market recorded a CAGR value of 12.1%. It is predicted that this market in the region will continue to grow at a CAGR of 9.7% between 2024-2028.
There are up to 16 loyalty programme startups in North Africa, but in Morocco, WafR and Advantages Enterprises compete with tookeez.
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