Egyptian marketing tech start-up Convertedin raises $3m in funding – The National

Egyptian marketing tech start-up Convertedin raises $3m in funding – The National

Convertedin, an Egyptian start-up that builds marketing operating systems for e-commerce brands, raised $3 million in a funding round led by Saudi Arabia's Merak Capital to expand its operations.

Venture capital firm 500 Global and Riyadh-based conglomerate Mohammed Saleh Alsaif Sons also participated in the funding round, Convertedin said in a statement on Wednesday.

The start-up will use the funds to begin operations in Brazil, expand in Egypt and Saudi Arabia, develop its platform and hire more staff.

“As SMBs [small and medium-sized businesses] around the world build e-commerce services, they need the right tools to convert customers and generate revenue,” Mohamed Fergany, chief executive and co-founder of Convertedin, said.

The start-up offers brands an alternative to “expensive and complex infrastructure for data-centric marketing”, he said.

“Convertedin is a business with strong fundamentals and we are honoured to partner with leading global investors as we embark on our next phase of growth.”

Venture funding hit a record high in Egypt last year, with $491 million invested across 147 transactions, according to start-up data platform Magnitt. The North African country ranked third in funding, after the UAE and Saudi Arabia, and second in the number of deals.

Egypt raised $156m in venture capital funding in the first quarter