Egyptian firm Convertedin raises $3 million in seed round funding

By Sakina Raj  | Date: 2022-08-11

Egyptian firm Convertedin raises $3 million in seed round funding

Convertedin, an Egypt-based startup that deals in marketing operating systems for e-commerce labels, has reportedly raised an investment worth $3 million in a seed funding round led by Merak Capital, which is headquartered in Saudi Arabia.

Other participants that took part in the funding round include players like MSAS and 500 Global.

The company stated that the firm would utilize the capital for further expansion of its platform and strategic hiring.

The company was founded in 2019 by CEO Mohamed Fergany, who has earlier worked with organizations like Vodafone and Speaksol Ads.

During an interview, Fergany stated that he had the idea of enabling offline stores to retain and retarget online customers while discovering new ones to purchase at stores offline during his tenure as an employee.

However, the absence of any retargeting mechanism or analytics platforms for offline stores was a fundamental issue at the time.

Fergany claimed that although online brands utilize CRM software to accumulate data, only a trivial amount of it is actually used. 

For this, Convertedin delivers a solution where data is utilized at its best. The platform plugs into over ten significant ad networks and e-commerce platforms. 

Once connected, these platforms allow brands to position customers into various segments and categories to choose from. These insights can later be used to develop customized multi-channel marketing and conduct different campaigns on SMS, social media, search, email, and other channels while having the proficiency to attribute and track income conversion.

Convertedin stated that SMB e-commerce marketers that operate its platform can grow their profits on ad spend by two times and decrease customer acquisition costs by about 40%. 

While talking about the firm's footprint expansion to 5 new markets comprising Saudi Arabia, he also spoke of the ease of sales due to low competition in these regions, to explain the company's focus on developing markets. Also, the customer acquisition costs are relatively lower than those in developed markets like Europe and the U.S.

The latest fund allocation will help Convertedin with this expansion, alongside hiring and R&D.

Source: https://techcrunch.com/2022/08/09/egyptian-startup-convertedin-raises-3m-caters-to-e-commerce-brands-in-mena-and-latin-america/

About Author

Sakina Raj     aeresearch.net

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles relating to diverse domains for BonafideNews and vari...

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