Koinz, an Egypt-based food ordering and restaurant aggregator site, has raised US$4.8 million in seed funding to expand its team and reach new markets in the Middle East.
Founded in 2018 by Hussein Momtaz, Ahmed Said, and Abdullah Al Khalidi, Koinz uses a data-driven approach to help restaurants make better business decisions and increase sales.
Restaurants can use the app to capture and monitor real-time data on customer behaviour, increase customer loyalty, and implement a digital incentive system.
Tinder founder Justin Mateen led a US$4.8 million seed round for Koinz, which also included 4DX Ventures and strategic angel investors from Egypt, Turkey, and Saudi Arabia.
Koinz, which is already operating in Egypt, Saudi Arabia, and the United Arab Emirates, will use the funds to strengthen its team and expand throughout the Middle East.
4DX managing partner Peter Orth said “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,”
“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.” He added.
