Cairo-based B2B loyalty solutions provider Dsquares has raised a ‘large investment’ by Egypt’s largest VC fund Algebra Ventures and a local private equity firm Ezdehar Management, the startup announced in a statement to MENAbytes, without disclosing the size of investment. But given who the investors are, it would be safe to assume that it is a seven-figure (US dollar) deal.
Founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa, Dsquares provides loyalty solutions to businesses to help them increase customer loyalty and retention, and develop the spend patterns. The startup manages all technical, operational and commercial aspects of these solutions to offer an end-to-end experience. Dsquares claims to be the fastest-growing loyalty solutions provider of the region and currently has tens of corporate clients including Vodafone, Orange, P&G, Visa, Mastercard, PepsiCo, Credit Agricole, Shell, Uber, Souq, and some of the biggest banks of Egypt.
Following their success in B2B segment, Dsquares is now expanding into B2C with the launch of a discounts app called Lucky. The app that’s available on iOS and Play Store, allows customers to search for offers and discounts from its partners and redeem them by scanning a QR code at the store.
The founders, commenting on the investment, said, “We’re pleased to partner with Algebra Ventures, a VC that we think is of great value to its portfolio companies across different segments. We believe that being backed by Algebra’s consumer-tech experience will significantly enhance Dsquares’ development and future expansion strategy in the consumer apps business.”
“Algebra has been following Dsquares’ performance closely and was very impressed with how much they’ve grown. The VC firm believes that the combination of Dsquares’ impressive track record in the B2B loyalty business, coupled with the strength of the team has uniquely positioned Dsquares to bring loyalty services into the hands of consumers all over the Middle East and Africa,” said the firm in the statement.
Speaking about the future plans, Dsquares’ founders said, “With the big launch of Lucky Discounts App and a strategic partnership with Algebra Ventures, we are very optimistic about the future of Dsquares. Such a tactical investment will pave the way for Dsquares to maximize exposure and leverage innovation and technology to continue serving brands and consumers all over Africa and the Middle East.”