Egypt: Tinder co-founder invests in restaurant platform
Koinz, the Egypt-based food and beverage startup, has raised a $4.8 million seed funding round, led by Tinder co-founder Justin Mateen, with participation from 4DX Ventures and strategic angel investors in Egypt, Turkey and Saudi Arabia.
Koinz builds technology tools that empower restaurants of all sizes in the Middle East to quickly increase revenue through meaningful, rewarding, and data-driven interactions with their customer base.
The platform allows restaurants to acquire new customers that use its mobile app for takeout and delivery orders. It also allows restaurants to access and take action on this new customer base as well as bridge the gap between offline and online customer activity (those coming in through the Koinz aggregator and those visiting locations in person).
The startup was founded in 2018 by Hussein Momtaz, Ahmed Said and Abdullah Al Khalidi, who recognised that most tech platforms in the food and beverages industry charged fees that erode restaurant owner’s profit margins while delivering limited customer access and interaction. Koinz aims to bridge the gap so that restaurants of all sizes can make smarter business decisions and quickly increase revenue. It aims to collect and track real-time data on customer behaviour, improve customer satisfaction and leverage a digital rewards system.
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