The deal will see Justin Mateen join the F&b customer engagement platform’s board, with the investment set to be channeled into expansion plans across the region.
Egypt-based F&B customer engagement startup, Koinz, has announced that it has raised $4.8 million in seed funding, an investment that will allow it to move forward with plans to hire more talent and expand across the Middle East. The investment was led by none other than Justin Mateen, the founder and former CMO of Tinder, who will also be joining the board of directors. 4DX Ventures also participated in the investment and its co-founder, Peter Orth, is also set to join the board.
Founded in 2018 by Hussein Momtaz, Ahmed Said and Abdullah Al Khalidi, Koinz offers a space for restaurants and F&B venues to offer delivery and takeout through the Koinz app, with the ultimate aim of increasing revenue through data-driven interactions with customers. It also aims to collect and track real-time data on customer behavior, improve customer satisfaction and utilise a digital rewarding system, which over 4 million customers in Egypt, Saudi Arabia and UAE have racked up points through.
"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,” said Peter Orth. “I think Hussein and his team have the ability to reshape the future of the region's on-demand food & beverage industry in the coming years."
Learn more about Koinz here.