Food platform Koinz raises USD 4.8 mn in seed round
Egypt’s crowded online ordering segment just got a new competitor as delivery-turned-loyalty and engagement app Koinz reported raising a USD 4.8 mn seed round led by Tinder founder and former CMO Justin Mateen, TechCrunch reports. The F&B startup will use the funds to expand its team and operations across the Middle East. The app will in many respects go head to head with established competitors Elmenus and whatever Otlob is calling itself these days. UberEats left the field last year in the early months of the pandemic.
What does the app do? The “mobile app for takeout and delivery orders … manages offline customer experiences while delivering an engagement platform to manage loyalty programs, customer feedback and analytics about the online and offline customer base,” Tech Crunch reports.
What does that mean? Customers accumulate points for both offline and online orders. One example TechCrunch cites: “Buffalo Burger customers can exchange 68 points for a Diablo Fries Medium; or wait till they get to 160 points to get a Mozzarella Sticks Medium; or 236 points for a Double Diggler” — but they can’t redeem their points at a competing restaurant.
How does it make a buck? The three-year-old, 80-person company “charges subscriptions to the brands for its engagement and feedback platform and collects commission whenever an order is made via its platform.”