A Saudi Arabia-based company, Merak Capital, has led a seed round of $3 million for Egyptian startup Convertedin, which operates a marketing operating system for e-commerce brands.
Among the other investors taking part are 500 Global and MSAS. Funds will be used to hire strategic personnel and further develop the company’s platform, the company said in a statement.
To make informed decisions and grow, brands must converge fragmented data that is generated through e-commerce sales. Convertedin is highlighted because it cares about businesses and brands with all these goals. Achieve measurable results, convert customers, and grow revenue with personalized and scalable campaigns.
“Suppose you are walking into IKEA and they ask you about your phone number. Our engine then finds similar products you might purchase and re-targets you online. We can predict the cost of the conversion that is online if you want to return to IKEA for that product,” said the CEO during the interview…
The company started doing their business online after the pandemic when all the offline stores were closing one after the other.
It claims to reduce customer acquisition costs (CAC) by 40% and increase return on ad spend (ROAS) by 2x for small and medium-sized businesses (SMBs).
The company partners with media and bought the media agencies. Covertdin is working with more than 100 local and multinational brands in the various fields related to medical, automobile, and technology across the Middle East and America. Convertedin’s revenues have been reaching double digits.
Convertedin that is three years old, Egypt based also has their offices inBrazil and South Africa it opened one there just recently. The South American market has over more than 200 million users.
As a result, Convertedin is planning to offer its services in Portugal besides Arabic.
Ahmed Aljibreen of Merak Capital believes that Covertedin solves a new layer of challenges for e-commerce companies posed by the constantly changing nature of digital marketing platforms, an advantage which attracted the investor to the firm.
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