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Monday, 9 July 2018

Algebra Ventures leads USD 1.5 mn funding round for Jordan’s POSRocket

INVESTMENT WATCH- Algebra Ventures leads USD 1.5 mn funding round for Jordan’s POSRocket: Egypt’s Algebra Ventures led a USD 1.5 mn second round of funding for Jordan-based startup POSRocket, according to a press release on Monday (pdf). KISP Ventures, Arzan VC, Financial Horizon Group, and two other angel investors also participated in the funding round. The startup, which develops cloud-based POS software for restaurants and retailers, operates in Egypt and Jordan and closed an earlier initial funding round with Jabbar Internet Group and Jordan-based accelerator Propellor Inc. The company plans to use the proceeds from the latest round to continue its MENA-wide expansion. “This round is all about leverage and scale,” says founder & CEO Zeid Husban. Algebra is a USD 50 mn Cairo-based VC fund that has invested in early-stage tech companies including Eventtus, Elmenus, GoodsMart, La Reina, and Filkhedma.

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