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 of 2022, including big-ticket funding rounds such as digital payment app Khazna’s $38m and social e-commerce app Brimore’s $25m, according to Magnitt.
It was also the only country in the Middle East and North Africa where start-ups recorded a rise in investments in July, with a 72 per cent increase in investment value, venture capital platform Wamda said.
Established in 2019, Convertedin works directly with brands, while also operating in partnership with media buying and advertising agencies.
As more companies make the shift to e-commerce sales, they accumulate vast amounts of fragmented data. Convertedin helps these businesses unify data to unlock value and create more efficient marketing strategies, it said.
Its technology has helped brands increase their return on advertising spending — a key performance indicator in online and mobile marketing — by two times and reduce customer acquisition costs by 40 per cent, the start-up said.
Convertedin's clients include companies in automotive, health care, technology and other industries.
As part of its expansion plans, Convertedin will open its first office in South America, in the Brazilian city of Rio de Janeiro.
With e-commerce revenue in South America set to grow to $167.34 billion by 2025 from 244.1 million users, Convertedin said it is “well positioned” to help businesses accelerate growth and boost revenue.
Currently available in multiple languages including Arabic and English, the company will “soon” be launching services in Portuguese.
“As e-commerce businesses become increasingly prevalent, they often lack the capabilities to leverage data for customer acquisition to drive top-line growth,” Ahmed Aljibreen, partner at Merak Capital, said.
“The ever-changing landscape of digital marketing platforms adds a new layer of challenges for e-commerce companies.
“Convertedin is led by a … team in which we have tremendous confidence as the company embarks on its next stage of growth in Mena and Latin America,” he said.
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