Koinz, the Egypt-based online food ordering and restaurant aggregator platform, has raised $4.8 million in a seed round led by Tinder founder Justin Mateen. Significant contributions came from 4DX Ventures and a number of strategic angel investors based in Egypt, Saudi Arabia, and Turkey.
Koinz was launched in 2018 by co-founders Hussein Momtaz, Ahmed Said, and Abdullah Al Khalid. Their objective behind the venture was to help restaurants of all sizes to cozy up to a data-driven approach for making smarter business decisions while simultaneously boosting revenue.
Without getting into the technical nitty-gritty, Koinz enables restaurants to collect real-time data on customer behavior that they can use to track and improve customer satisfaction. Besides that, restaurants also receive a digital rewarding system.
“Restaurants in the region are suffering under the traditional aggregator model, especially during the pandemic. Koinz is offering a unique tech platform that goes beyond an aggregator tool and has quickly become a win-win for both consumers and restaurant owners across the Middle East,” said Peter Orth, managing partner at 4DX Ventures.
Orth also confirmed that he is joining Koinz’s board of directors.
So far, the startup was operating in Egypt, Saudi, and Turkey. However, with the newly raised capital at its disposal, Koinz is planning on expanding its presence to other Arab countries as well.