Bahrain-based Skiplino has raised Series A investment for its cloud-based queue management system from Kuwait’s KISP Ventures. The financial details of the deal were not disclosed but Skiplino’s CEO Zaman AH. Zaman speaking to MENAbytes has confirmed that it’s a seven-figure USD deal, adding that further details will be disclosed soon.
Founded in 2015, the startup has developed a suite of web and mobile applications that can be used by businesses to digitize queue management at their offline stores and branches.
Claims to be world’s most intelligent cloud-based queue management system, Skiplino’s multilingual queue management (available in almost 70 languages) apart from allowing businesses to handle customer queues in a smart way with better speed, also monitors data related to queues in real-time and collects customer feedback using its mobile app.
The startup sells these services using a freemium subscription model – free for businesses with one branch for its 50 tickets per day plan and $149 per month ($99 per month if paid on annual basis) per branch for unlimited tickets and other services.Bahrain's Skiplino raises seven-figure Series A for its cloud-based queue management systemClick To Tweet
Skiplino enables customers of the businesses using its services to queue remotely before their arrival, know their waiting time, know the next slot available, and track history of their visits. The startup claims that it could save customers six months of time in their lifetime that they would normally waste waiting in queues.
KISP Ventures is a Kuwait-based VC firm that is backed by KFH Capital, which is investment arm of Kuwait Finance House, the largest Islamic bank in Kuwait and second largest Islamic bank in the world.
The investment by KISP Ventures will give Skiplino access to all their retail branches and subsidiaries all around the world. According to KFH’s website, they have over 400 branches across seven regions worldwide.
If Skiplino gets even half of that number on their platform, it would mean hundreds of thousands of dollars in annual recurring revenue. Not bad at all for a SaaS from the region.
Update: The article was updated to reflect that it’s a seven-figure deal, after receiving confirmation from company’s CEO.
Latest posts by MB Staff (see all)
- Egypt’s central bank to establish ~$58 million fund to invest in FinTech startups - March 20, 2019
- Uber launches slimmed down version of its ride-hailing app ‘Uber Lite’ in UAE & Saudi - March 19, 2019
- Jordanian online Arabic book retailer Jamalon raises over $10 million as first tranche of its Series B - March 19, 2019