Egyptian loyalty solutions startup Dsquares has secured strategic investment from Algebra Ventures ahead of the launch of its B2C consumer-tech product, the Lucky Discounts App.
Founded in 2012, Dsquares has developed data-driven loyalty and rewards programmes that significantly help clients retain their customers, develop their spend pattern, and increase profitability.
The startup quickly saw strong uptake in the B2B loyalty solutions market across the MENA region, supporting large corporate clients including banks, FMCGs, and telecom operators. Last year, it secured funding from investment management firm Ezdehar Management to support its growth plans.
These plans have now received a boost with further funding secured from Algebra Ventures, a US$50 million Cairo-based venture capital fund that has invested in a host of early-stage technology companies in Egypt and the MENA region, including Eventtus, elmenus, Halan and FilKhedma.
“We’re pleased to partner with Algebra Ventures, a VC that we think is of great value to its portfolio companies across different segments,” said a Dsquares spokesperson. “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.”
Algebra, which has been impressed with Dsquares’ growth so far, believes the combination of the startup’s impressive track record in the B2B loyalty business coupled with the strength of its team uniquely positions it to bring loyalty services into the hands of consumers all over the Middle East and Africa.
“With the big launch of Lucky Discounts App and a strategic partnership with Algebra Ventures, we are very optimistic about the future of Dsquares. Such a tactical investment will pave the way for Dsquares to maximise exposure and leverage innovation and technology to continue serving brands and consumers all over Africa and the Middle East.”