The global cloud-based market is forecasted to nearly double from US $29.9 billion in 2019 to US $58.9 billion by 2024 driven by a rise in credit card transactions and Point-of-Sale (POS) solutions, which allow consumers to have secure and more convenient contactless payments.
POSRocket is an Amman-based startup that helps merchants migrate from conventional cash register transactions to a cloud-based POS platform, reducing complex operational costs. The startup, founded in 2016, has customizable user-friendly interface that helps businesses regulate inventory, accept payments, and access sales reports and customer data.
Backed by several investors including Algebra Ventures, Samih Toukan, Arzan VC, and Jabbar Internet Group among others, POSRocket’s total funding amounts to US $2.2 million.
The startup serves over 140 SMEs including restaurants, retail shops, dry cleaners, and entertainment centers like escape rooms. Currently operating in Jordan and Egypt, POSRocket aspires to continue its regional expansion across MENA.
Founder and ‘Chief Executive Astronaut’ — as he likes to be called — Zeid Husban, is the type of entrepreneur that launches a rocket and reaches for the stars. Zeid debuted his entrepreneurial journey with iFood, a self-funded food delivery platform.
Within only a few months of operations, and in spite of tough contenders in the Jordanian food delivery market including Eat-Now and Ju3an, iFood generated an annual growth of 200 percent. The rising star attracted investors like Turkish food delivery company, Yemeksepeti, which bought a majority stake in 2013. Fast forward three years, Zeid sold the rest of his shares to global food ordering giant, Delivery Hero.
Zeid saw how obsolete, complex, and expensive traditional POS systems are while dealing with iFood’s partnering restaurants. “We could not fully automate the process, reduce our overheads, eliminate wrongly handled orders, nor further enhance our customer experience. That’s when we realized that there’s a gap,” he told Entrepreneur.
Starting his career as a technical support engineer, Zeid worked at Vision Engineering Group where he managed several accounts and helped the company generate over US $2 million in sales over three years.
- Have clear and well-calculated numbers with a sensible valuation and a reasonable ask, and
- Show a balance between intellectual property and revenue. His third tip, however, is our favorite: “[Have] a great story to tell. It’s got to be; if it ain’t innovative, impactful and inspirational, it simply won’t sell, and certainly will not deliver.”
We totally echo that!
The jewel of the Dead Sea surely sprouted some stellar startup potential despite challenges.