News
Egypt’s Convertedin raises $3M to expand in MENA, LATAM
Convertedin, a marketing operating system for e-commerce brands, has raised a $3 million seed round from global and regional investors. The round was led by Saudi Arabia’s Merak Capital and saw participation from 500 Global and MSAS.
Convertedin is built for brands and businesses who desire a single platform to drive personalized & scalable campaigns, convert customers, achieve measurable results and grow revenue. Today Convertedin works with hundreds of homegrown and multinational brands across Africa, the Middle East, and South America.
Mohamed Fergany, CEO and co-founder of Convertedin, said, “As SMBs around the world build e-commerce services, they need the right tools to convert customers and generate revenue. With Convertedin, brands no longer need expensive and complex infrastructure for data-centric marketing. Today, we have built a marketing operating system, the preferred choice for hundreds of local and international brands. Today, Convertedin is a business with strong fundamentals, and we are honored to partner with leading global investors as we embark on our next growth phase.”
As brands shift to e-commerce sales, they operate with vast amounts of fragmented data. With its advanced technology, Convertedin helps to unify zero-party and first-party data, unlock value for businesses, create marketing efficiencies, and have a singular focus on growing revenue.
With Convertedin, on average, brands increased their ROAS by 2x and reduced customer acquisition costs by 40%. The company’s clients include leading names from automotive, healthcare, technology, and other industries.
Ahmed Aljibreen, Partner at Merak Capital, said: “As eCommerce businesses become increasingly prevalent, they often lack the capabilities to leverage data for customer acquisition to drive topline growth. The ever-changing landscape of digital marketing platforms adds a new layer of challenges for e-commerce companies. For that and more, we are excited to back Convertedin. This mar-tech company has built a state-of-the-art platform to simplify digital marketing, improve customer acquisition and drive growth for its clients. Convertedin is led by a world-class team in which we have tremendous confidence as the company embarks on its next growth stage in MENA and Latin America.”
As part of its expansion plans, Convertedin will open its first office in South America to be located in the Brazilian city of Rio De Janeiro. With e-commerce revenue in South America set to grow to $167.34 bn by 2025 from 244.1 mn users, Convertedin is well positioned to help businesses accelerate growth and drive revenue generation.
By shaping the future of data-centric marketing, Convertedin is reimagining how brands engage with customers to build trusted relationships and maintain customer privacy. Integrating with over ten major e-commerce platforms and ad networks, Convertedin helps drive customer engagement and conversion online and offline.
Through a suite of industry-leading tools, marketers can quickly deploy campaigns across the web, search engine ads, social ads, SMS, and email services, while tracking and attributing revenue conversion.
Currently available in multiple languages, including Arabic and English, the company will launch services in Portuguese soon. Since Launching in 2019, Convertedin has worked directly with brands while also operating in partnership with leading media buying and advertising agencies.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
-
Startups9 years ago3 Creative Egyptian Women Who Master E-commerce
-
News9 years ago11 Talented Egyptian Photographers on Instagram
-
Campaigns8 years agoVodafone Egypt Brings Generations Together, Unlocks 4G Power
-
Marketing8 years agoWhich categories will suffer most from increased prices in Egypt?
-
Apps8 years agoRadio Garden Live Map of The Globe’s Radio Stations
-
News8 years agoTop 10 Egyptian Fashionistas to Follow on Instagram
-
Campaigns8 years ago7 Big Stats That Show Which Ramadan Advertisements Resonated Most
-
Opinion8 years agoF*** Being a Founder, Be a Follower