The Egyptian startup Convertedin has raised $3 million in a seed round led by Merak Capital, a Saudi Arabia-based venture capital.
With the cash injection, the company will scale its business as it operates a marketing operating system for e-commerce brands. The startup was co-founded by the current chief executive officer Mohamed Fergany and Mustafa Raslan in 2019.
Both founders cut their teeth while working with companies such as Speakol Ads and Vodafone. While working with such companies, they identified a white space or a gap in the market by helping offline stores retarget and retain their customers online while finding new ones to shop at their stores offline.
According to Convertedin CEO, “If you walk into IKEA and they take your phone number down. After that, our engine works to find a similar product you might buy and we retarget you online. If you went back to IKEA for that product, we can calculate the cost of online conversion.”
“This was the main idea at this time as we saw a huge problem where there was no analytics platform for the offline store or a retargeting mechanism.”
The company is also targeting the emerging markets in the Middle East and North Africa [MENA] and Latin Americana.
“We focus on emerging markets and if you look at it from healthy unit economics, we can sell easily in those countries because there is low competition there. And customer acquisition cost is low compared to the U.S. or Europe markets.” said the CEO.
“We are excited to back Convertedin, a martech company that has built a state-of-the-art platform to simplify digital marketing, improve customer acquisition and drive growth for its clients. Convertedin is led by a world-class team in which we have tremendous confidence as the company embarks on its next stage of growth in MENA and Latin America.”
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