Egyptian Marketing Platform Convertedin Raises $3 Million Seed Round
Founded in 2019 by Mohamed Atef, Mohamed Fergany and Mustafa Raslan, Convertedin aims to support brands and businesses drive e-commerce sales and grow their revenue all from a single platform.
Convertedin, a marketing operations system for e-commerce brands, has raised $3 million in a seed round led by Saudi Arabia- headquartered Merak Capital with participation from 500 Global and MSAS.
Founded in 2019 by Mohamed Atef, Mohamed Fergany and Mustafa Raslan, Convertedin aims to support brands and businesses drive e-commerce sales and grow their revenue all from a single platform. With brands making the shift to e-commerce sales, they develop vast amounts of fragmented data. Convertedin can help make use of this data by unifying zero-party and first-party data, unlocking the value of businesses, creating marketing efficiencies, and having a singular focus on growing revenue.
“As SMBs around the world build e-commerce services, they need the right tools to convert customers and generate revenue,” CEO Fergany tells StartupScene. “With Convertedin, brands no longer need expensive and complex infrastructure for data-centric marketing.”
Brands who’ve worked with the startup have on average increased their Returns on Ad Spend (ROAS) two times, and reduced customer acquisition costs by up to 40%, according to the startup. Convertedin plans to expand with its first office in South America in Rio De Janeiro, Brazil, since the startup estimates that e-commerce revenue in the continent will reach $167.34 billion by 2025 from 244.1 million users.
The new funds raised will also be used to further develop the platform and hire more personnel for the team. The platform is currently available in multiple languages including Arabic and English, and will be introducing services in Portuguese soon.
According to Egypt H1 2022 Venture Investment Report by data platform Magnitt, the Egyptian VC ecosystem has raised over $300 million in funding in H1 2022, a 100% YoY increase of over 100% in funding compared to H1 2021. Most of the funding was directed at fintech companies followed by e-commerce startups such as Brimore, which raised $25 million in January 2022, and Sylnder, which raised $12.6 million in May this year.
