Egypt-based startup Koinz raised $4.8 million in a seed round led by Tinder founder and former CMO Justin Mateen, according to TechCrunch.
The food and beverage company plans to use the fund to hire more talents and expand operations in the Middle East.
Founded in 2018, the mobile app manages customer experiences while delivering an engagement platform to handle loyalty programs, customer feedback, and analytics about the online and offline customer base.
To enjoy the benefits of the app, customers should enter their phone numbers when they visit a branch to immediately receive points via text message, which can be used for gifts and discounts. Brands can condiv their gift lists and determine for which items customers can redeem their points.
Costumers visiting Egypt’s Buffalo Burger restaurant, for instance, can use 68 points to get a free Diablo Fries Medium; or wait until they accumulate 160 points for Mozzarella Sticks Medium, or 236 points for a Double Diggler, the website exemplified.
The three-year-old company first started operating with six people. Today, it has 80 employees and claims to have had up to 4 million consumers earn points on its platform in Egypt, Saudia Arabia, and the UAE.