Back to the complete issue
Thursday, 11 August 2022

Convertedin + Sharwa close funding rounds

Marketing startup Convertedin has closed a USD 3 mn seed round, it said in a press release picked up by Zawya. The round was led by Saudi tech investor Merak Capital with participation from 500 Global and MSAS.

Marketing for e-commerce: Founded in 2019 by Mohamed Fergany (LinkedIn), Mohamed Atef (LinkedIn) and Mustafa Raslan (LinkedIn), Convertedin operates a marketing platform targeted at e-commerce companies. The company says its data-driven services help businesses double their return on ad spend and cut customer acquisition costs by 40%. It is working with local and multinational companies in the Middle East, Africa and South America, and has offices in Saudi Arabia and Brazil in addition to its Egyptian HQ.

What’s next: The company will use the funding for hiring and platform development, according to the statement. It also wants to expand across MENA and Latin America.

IN OTHER STARTUP NEWS- Social commerce startup Sharwa raised USD 2 mn in a pre-seed funding round co-led by Nuwa Capital and Hambro Perks’ Oryx Fund, with participation from several strategic angel investors, according to a press release picked up by Wamda.

Sharwa gets you cheaper household goods: Founded earlier this year by Aladdin Shalaby (LinkedIn), Hassan Elshourbagi (LinkedIn) and Mohamed Hanafy (LinkedIn), Sharwa is an e-commerce platform that allows customers to club together and purchase household items at wholesale prices. The startup was launched as an answer to spiraling inflation in Egypt, according to Sharwa’s website. The platform — which currently has “tens of thousands” of customers — is operating in Cairo and “nearby areas,” according to the press release.

Where the money’s going: The funds will be used to expand the team and develop the online platform. The company also has ambitions to launch nationwide across Egypt and process hundreds of thousands of orders in the next 12 months.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.