Egypt-based food ordering and restaurant aggregator platform Koinz has raised a US$4.8 million seed funding round to grow its team and expand across the Middle East.
Founded in 2018 by Hussein Momtaz, Ahmed Said and Abdullah Al Khalidi, Koinz helps restaurants make smarter business decisions and increase revenue using a data-driven approach.
The platform allows restaurants to collect and track real-time data on customer behaviour, improve customer satisfaction and leverage a digital rewarding system.
Koinz has now secured a US$4.8 million seed round, which is led by Tinder founder Justin Mateen and also features 4DX Ventures and strategic angel investors from Egypt, Turkey and Saudi Arabia.
Already active in Egypt, Saudi Arabia and the UAE, Koinz will use the funds to grow its team and fuel further expansion across the Middle East.
“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,” said 4DX managing partner Peter Orth.
“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 and beverage industry in the coming years.”
