Egyptian startup Convertedin raised $3 million in a seed-round led by Saudi Arabia-headquartered Merak Capital. Other participating investors include 500 Global and MSAS.
Convertedin is a marketing operating system that helps drive e-commerce sales and revenue growth for companies. The startup founded in 2019 by Mohamed Fergany, Mohamed Atef and Mustafa Raslan is reimagining how brands engage with customers to build trusted relationships and maintain customer privacy to drive customer engagement and conversion online and offline.
“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, and customer acquisition cost is low compared to the U.S. or Europe markets,” said Convertedin’s CEO, Mohamed Fergany.
The new funding will be used for strategic hiring and further development of Convertedin’s platform. As part of its expansion plans, the three-year-old Egypt-headquartered company will open its first office in South America to be located in the Brazilian city of Rio De Janeiro. With e-commerce revenue in South America set to grow to $167.34 bn by 2025 from 244.1 mn users, Convertedin is well positioned to help businesses accelerate growth and drive revenue generation.