Startups
A15 doubles down on Intouch.com investment to redefine retail experiences for MENA shoppers
![A15 doubles down on Intouch.com investment to redefine retail experiences for MENA shoppers](https://adigitalboom.com/wp-content/uploads/2019/12/Intouch.com-A15.com_-1.jpg)
The leading tech investor A15 has capitalized on its investment in Ireland-based retail personalization platform Intouch by doubling down on its initial investment into the AI-driven company. This comes after A15 had previously invested in Intouch in addition to providing in-kind services.
Intouch has developed an AI-driven personalisation platform for grocery, convenience and petrol retailers to recommend products in real-time in physical retail stores. The award-winning platform enables retailers to influence shoppers buying decisions through automated recommendations that increase sales and drive loyalty.
Intouch’s technology is used by tier one retailers like Circle K, integrated with the world leader in self-scanning software providers like Re-vision, and co-sold by software giant Microsoft. It prides itself on developing market-leading IP that turns physical stores into data-driven knowledge hubs. The company is headquartered in Dublin, Ireland, with offices in El Gouna, Egypt and Toronto, Canada.
Intouch allows brick-and-mortar stores to collect in-store data about its customers using artificial intelligence (AI) to optimize customer interactions and operations. The tool helps retailers with physical stores personalize the shopping experience and better connect their customers to appropriate products.
“The investment from A15 will strengthen our deep ties with the region and our commitment to serve the region with state-of-the-art technology to push the retail experiences for shoppers to the next level,” CEO of Intouch Sameh Abdalla says. “The Middle East is vitally important to us with several pilots for the largest players in the region going live within the last year.”
In the Middle East specifically, the compound annual growth rate (CAGR) of the grocery market registered +11%, while globally the percentage stands at -2%, based on McKinsey statistics. According to professional services company Accenture, 75% of consumers prefer to buy products from retailers that personalize their offering.
However, retail CEOs struggle with finding the right talent to bring AI and data-driven solutions to its customers. Hence, Intouch – with the support of A15 – is dedicated to build solutions that leverage best practices from abroad that work for the Middle Eastern market in particular.
According to A15, Egypt’s retail food sector is estimated to be $24.7 billion as of 2018; the market is expected to grow by 15%-20% by 2023.
“By that time, incomes will recover and purchasing power will increase after the government’s economic reform program, which was implemented in 2016. In so, the Egyptian retail foods sector is a ripe space for Intouch’s technology as modern retail food outlets collectively operate 1,500 outlets, representing 20% of the total sector sales,” CEO of A15 Fadi Antaki explains.
He adds that A15’s regional offices and networks will pose as a launchpad for Intouch in MENA to boost its traction and client base in key markets as the United Arab Emirates (UAE), Saudi Arabia and Egypt.
Intouch deploys an in-store personalization platform that automatically understands and responds to hyper-local individual contexts. In Layman’s terms, grocery, convenience and petrol retailers spend a lot of money to print promotional materials. However, 91% of in-store promotion spend never reaches its target audience, according to Bain and Company. This happens because the promotion channels pre-determine content regardless of context, such as the weather outside, the customers’ demographics or nearby social events, making the promotional content distant and out-of-touch with timely customer needs.
Intouch’s technology is used by tier one retailers like Circle K, integrated with the world leader in self-scanning software providers like Re-vision, and co-sold by software giant Microsoft. The company is headquartered in Dublin, Ireland, with offices in El Gouna, Egypt and Toronto, Canada.
Startups
Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women
![Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women](https://adigitalboom.com/wp-content/uploads/2024/02/Alnashmiah-farms.jpg)
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
![GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028](https://adigitalboom.com/wp-content/uploads/2023/12/Selina-Bieber-the-Senior-Director-of-Global-Markets-at-GoDaddy.webp)
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.
Apps
Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding
![Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO](https://adigitalboom.com/wp-content/uploads/2023/12/Untitled-3-1.webp)
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (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. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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