Convertedin, an Egyptian e-commerce startup, announced that it has raised $3 million in a seed round led by Merak Capital, a Saudi Arabian headquartered company. Other participants in the seed round include 500 Global and MSAS
Founded in 2019 by CEO Mohamed Fergany, Mohamed Atef and Mustafa Raslan, Convertedin is a marketing operating system for e-commerce, which utilizes data and shoppers’ insights to create personalized multi-channel marketing that boosts customer engagement and maximizes ROI.
Convertedin helps brands drive personalized and scalable campaigns, convert customers, achieve measurable results and grow revenue. The company plugs into more than 10 major e-commerce platforms and ad networks — and brands, once connected, can place customers into different segments such as high- and low-value and categories like those looking for specific products and use these insights to create personalized multi-channel marketing and drive various campaigns on social media, SMS, email, search and other channels while having the ability to track and attribute revenue conversion.
Convertedin was one of the three Egyptian startups chosen to join the Facebook Commerce Accelerator Programme in 2020.
According to the company in a statement, it plans to use the funds for strategic hiring and further platform development.
Convertedin claims that Small and medium scale e-commerce marketers that use its platform increase their return on ad spend (ROAS) by 2x and reduce customer acquisition costs (CAC) by 40%. The company partners with media buying and advertising agencies and works with over 100 local and multinational brands across Africa, the Middle East and South America in the automotive, healthcare and technology industries. Convertedin’s revenues from these businesses have been growing in “double-digits” month-over-month, Fergany said
Though headquartered in Egypt, Convertedin has offices in Saudi Arabia and Brazil. It is also eyeing South Africa and India.
“We focus on emerging markets and if you look at it from healthy unit economics, we can sell easily in those countries because there is low competition there,” said the CEO on the expansion to five new markets, including Saudi Arabia. “And customer acquisition cost is low compared to the U.S. or Europe markets.” The new investment will help Convertedin with this expansion in addition to R&D and hiring.
