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Egypt’s Dsquares bags investment from Algebra Ventures, Ezdehar Management
Cairo based loyalty solutions provider Dsquares has secured investment from two Egyptian investors, Algebra Ventures and Ezdehar Management.
Dsquares was founded in 2012 by Marwan Kenawy (pictured above, left), Ayman Essawy (pictured above, right), and Momtaz Moussa (pictured above, centre). The startup’s offerings include loyalty programmes, couponing solutions and interactive directory services.
Neither Cairo-based venture capital (VC) fund Algebra Ventures or Dsquares were willing to disclose just how much had been invested in the startup.
Dsquares was founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa
Dsquares public relations manager Dina Biksawy told Ventureburn via email only that the amount invested was a “seven figure dollar amount”.
Biksawy said the startup also has premises in Dubai, Riyadh, Jordan and Tanzania. She said the startup currently serves more than 75 million members and is supported with an extensive network of merchants in more than 7000 stores globally.
In a statement today (12 March) Algebra Ventures said the investment comes ahead of DSquares’ launch of its Lucky Discounts App, a business-to-consumer (B2C) tech product. In the same statement, a Dsquares spokesperson said that they were “pleased” to partner with Algebra Ventures.
“We believe that being backed by Algebra’s consumer-tech experience will significantly enhance Dsquares’ development and future expansion strategy in the consumer apps business,” said the spokesperson.
The spokesperson added that the “tactical investment” will help Dsquares “maximize exposure” and leverage its innovation and technology to continue serving brands and consumers across Africa and the Middle East.
Dsquares clients include among others Renault, Holiday Inn, Intercontinental, KFC, Burger King, GAP, Vodafone, Orange, Vodacom, MasterCard, Visa, HSBC, P&G, PepsiCo, Hyundai, Uber, Petronas, Shell and Mercedes Benz.
Featured image, left to right: Dsquares founders CEO Marwan Kenawy,
Momtaz Moussa, and Ayman Essawy (Supplied)
