The investment comes ahead of Dsquares’ launch of its B-to-C consumer-tech product, the Lucky Discounts App.
Cairo-based Dsquares, the Middle East’s leading loyalty solutions provider, just scored an undisclosed size of investment from Egypt’s leading venture capital fund, Algebra Ventures, and Ezdehar Management, a firm focused on high-growth Egyptian companies. The investment comes ahead of Dsquares’ launch of its B-to-C consumer-tech product, the Lucky Discounts App.
Founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa, Dsquares is the region's fastest-growing loyalty solutions provider. With significant telecoms and technology experience, the founders saw an enormous and untapped opportunity in the loyalty business in emerging markets. Dsquares quickly dominated the b2b loyalty solutions market in MENA, supporting large corporate clients - including banks, FMCGs, and telecom operators - to retain customers and develop their spending patterns. In 2018, Dsquares secured funding from Ezdehar Management to support its b2b and b2c growth plans.
Algebra’s investment in Dsquares follows a number of consumer-tech investments they’ve made over the last two years, including investments in Elmenus, GoodsMart, and La Reina.
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.
Speaking about plans for the future: “With the big launch of Lucky Discounts App and a strategic partnership with Algebra Ventures, we are very optimistic about the future of Dsquare,” says the startup’s spokesperson. “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.”
Sign up for the daily Startup Digest.