Seed

Series B

Series A

Others

Levant

Africa

Kuwait

Abdulmohsen Alhamad

Aatef Baig

KISP Ventures

E-Commerce

KISP Ventures is a shariah compliant venture capital firm that invest in early stage technology companies in the MENA region. It is a subsidiary of KFH Capital, the investment arm of Kuwait Finance House.

Dubai

COFE App

Apps

Online Coffee Market Place, Mobile App, Food & Delivery, On-Demand Delivery, Coffee Delivery App

Amman

POSRocket

Intelligent Systems

Traditional cash registers are a thing of the past. POSRocket modernizes this near-obsolete system by providing business owners with an intuitive, user-friendly, cloud-based point-of-sale (POS) platform.

FinFirst Capital

Fintech

Financial Services

Finance

Financing Platform

Digital Banking

Banking

Banking Technology

SuperApp for on demand financial services

Launched during the pandemic, Finfirst digital platforms deliver a digital experience for auto loans, personal loans , car insurance. If we have it on the app, you get it digitally. No physical visits no paper work no bureaucracy. Just the service , digital and delivered.

Removing all physical interactions from financial products, our customers enjoy a smooth digital journey from the comfort of their offices or homes.

Magnitt

Funding

Magnitt is a startup directory that connects investors, mentors, and emerging companies in the Middle East.

CODED

Education

E-Learning

Coded is the First Coding Academy in the Middle East, with the aim of training and educating participants in software development and programming to prepare them for a demanding job market. They provide world-class education and instruction through a rigorous curriculum designed by industry experts and delivered by a team of highly qualifiedinstructors.

Melltoo

Internet

Mobile marketplace for buying and selling second hand things.

Cairo

Aqarmap

Real Estate

Real estate marketplace that specializes in providing real-estate management services.

Manama

Skiplino

Software Dev/Test

Big Data

Digital & ICT

Mobile Apps

Mobile

Mobile App

Skiplino is a cloud-based system providing a variety of products to manage crowds and an advanced digital service experience that aims to save people’s time. It also gives our clients an unprecedented view of branch activities and detailed data, which helps them better manage quality control and customer satisfaction.
 
The team at Skiplino believes that life is way too short to waste your time in queues. Skiplino greatly reduces the amount of time people spend waiting in line at banks, telecommunications companies, financial institutions, and any other facilities that utilize traditional queue management systems.

Mybox

Lifestyle

Brilliant Lab

Events

<ul>
	<li>The latest funding round makes COFE App one of the leading coffee marketplace in the USD 44 Billion MENA Market</li>
	<li>eWTP Arabia Capital (&ldquo;eWTPA&rdquo;) is an investment platform and a growth stage venture fund, anchored by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) and eWTP Capital.</li>
	<li>Last year, the company announced a partnership with the Saudi Coffee Company (SCC), a PIF-backed initiative with a mandate to invest SAR 1.2 billion (USD 319 million) in the national coffee sector by 2030.</li>
</ul>

COFE, MENA&rsquo;s premiere online coffee marketplace has announced the successful completion of its Series B funding round, raising USD 15 million in investment capital. Coming onboard as the lead investor is WAED Ventures, the USD 500 million Saudi-focused VC Capital Fund wholly owned by Aramco.&nbsp;

The Series B round also brings onboard eWTP Arabia Capital, who have received significant funding support from the Public Investment Fund (PIF) and the Electronic World Trading Platform (eWTP) Capital initiated by Alibaba Group in the Middle East Region. eWTP Arabia Capital was founded by Jerry Li, who is a 20+ year veteran of China&rsquo;s internet and digital industries. Li brings a deep understanding of China&rsquo;s technology ecosystems and a broad network of Chinese top entrepreneurs. Additionally, Al Imtiaz Investment Group, COFE&rsquo;s largest investor by contribution, and KISP Ventures (KFH Capital), and Rasameel Investment Company, a Kuwait-based wealth management fund have participated in the&nbsp;round, reaffirming their confidence in COFE&rsquo;s growth potential.

Leading innovation in the regional coffee industry, COFE has been transforming the way users reach their daily dose of caffeine. Since its inception in 2018, the platform has become an integral player in the USD 44 billion MENA coffee market. Furthermore, the Global Coffee Market is also forecasted to expand at a CAGR of 7.5% between 2022-2027. The funds raised by COFE in its Series B1 round will focus on the brand&rsquo;s e-commerce offering, furthering the company&rsquo;s ambition to become a complete coffee solution provider. With strides made towards strengthening its position in the regional market, COFE is ready to expand internationally in the near future.&nbsp;

Having entered the Saudi market in 2020, COFE has seen wide-spread acceptance from users in&nbsp;the Kingdom and was listed as one of the Top 10 Most Downloaded Food Delivery and Restaurant Apps (2021) in the kingdom in a survey conducted by the Communication &amp; Information Technology Commission (CITC) of Saudi Arabia. Most recently, the brand has also announced its partnership with the Saudi Coffee Company (SCC), established by the PIF company with a mandate to develop the Saudi coffee industry, investing SAR 1.2 billion (USD 319 million) in the national coffee sector over the next 10 years. This focus on the coffee industry in the Kingdom has attracted the interest of Saudi based investors, including WAED Ventures, the lead investor in the Series B round.&nbsp;

Commenting on the investment, Fahad Alidi, Managing&nbsp;Director at Wa&rsquo;ed Ventures said: &ldquo;our mission is to advance sustainable innovation within emerging tech segments in the Kingdom. The founding team at COFE app, supported by its cutting-edge platform, will disrupt a multi-billion-dollar market fueled by a nation-wide initiative supporting its growth for years to come. We look forward to backing COFE&rsquo;s growth as it continues to lead the digitalization of farm-to-cup consumerism across the region.&rdquo;

Commenting on their investment in COFE App, Jerry Li, Founder and Managing Partner of eWTP Arabia Capital, said: &ldquo;We partner with like-minded entrepreneurs and support the growth of promising businesses in the GCC region. We believe our investment, combined with strategic assistance, will provide COFE with resources to scale and grow. Our investment is a testament to our commitment to promote innovation in the region. We are excited about COFE&rsquo;s vision in digitizing the coffee industry, which would be a multi-billion market with enormous untapped potentials.&rdquo;&nbsp;

Al-Imtiaz&nbsp;Investment Group, a leading investment group based in Kuwait and listed on the Boursa Kuwait (formerly the Kuwait Stock Exchange), is COFE&rsquo;s largest investor by contribution. Having invested USD 10 million in the previous round and committed to further support the company, Al-Imtiaz invested USD 1 million in this Series B round, taking its total investment in COFE to USD 11 million. Commenting on its participation in the current round,&nbsp;Al Imtiaz Investment Group Executive Vice President, Saad Al-Bader&nbsp;said, &ldquo;The leadership and team of COFE have worked diligently over the years to achieve key milestones that have had clear contributions in propelling the regional coffee industry.&nbsp; We believe that COFE is ready to scale internationally into new markets and to further strengthen its market position and service offerings.&rdquo;

On the occasion of COFE accomplishing a major milestone in its journey,&nbsp;Founder &amp; CEO, Ali Al Ebrahim said,&nbsp;&ldquo;COFE&rsquo;s story has been one of resilience. We have had some great opportunities, but not without its challenges that have needed innovative maneuvering. However, we have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem, especially in the region. At COFE, we have always sought to grow all our partners, investors, and the industry with us. I would like to take this opportunity to thank our investors for continuing to trust in us, and the team for always putting their best foot forward. None of this would have been possible without the hardwork and trust of everyone that has continued to take this journey with us, especially our users.&rdquo;

It is no surprise that investments in the coffee market have been on the rise worldwide, given the industry&rsquo;s untapped potential. Recent prime examples include Peet&rsquo;s Coffee IPO that raised &euro;2.3bn through IPO at the height of the pandemic. Coca-Cola&rsquo;s 2019 USD 5.1 billion acquisition of the British coffee chain Costa Coffee, giving Coca-Cola a significant market share in the coffee industry, as well as Starbucks and Nestle&rsquo;s USD 7.15 billion deal for ready-to-drink coffee in 2018. The Global Coffee Market is anticipated to reach USD 652.31 Billion by 2027, creating a significant window of opportunity for the upcoming future for a coffee-centric business like COFE App.

<hr />
About COFE 
COFE App is an online coffee-centric marketplace conceptualised for coffee communities across the world. A state-of-the-art application that provides quick access to a wide range of international coffee franchises and artisanal coffee brands through multiple premium services and features on one platform.

Founded by Ali Al-Ebrahim in November 2018, COFE App currently operates in Kuwait, KSA, UAE, and Egypt, with international expansion in the pipeline. The platform, which placed among the top five start-ups in the tech innovation category at the London Coffee Shop Innovation Expo, has grown from strength to strength since its official launch in November 2018, and completed a Series-B funding round in April 2021, raising $10 million.

COFE App is available on App Store and Google Play store.&nbsp;

COFE raises $15 million in Series B funding round led by Saudi’s Waed Ventures & eWTP Arabia Capital, led by Chinese Founder, Jerry Li

Kuwait-based COFE App, a coffee-centric marketplace app, announced today that it has secured&nbsp;USD 3.2 million&nbsp;in their Pre-Series A funding, attracting a multi-national cross-sector base of entrepreneurs and venture capital (VC) funds from the&nbsp;Middle East&nbsp;and Silicon Valley.

<a href="https://www.prnewswire.com/news-releases/cofe-app-secures-usd-3-2-million-in-pre-series-a-funding-300796020.html#"><img alt="Photo of the Founder with the Employees (PRNewsfoto/COFE App)" src="https://mma.prnewswire.com/media/822211/COFE_App.jpg?w=600" /></a>

Photo of the Founder with the Employees (PRNewsfoto/COFE App)

&nbsp;

The round was led by KISP ventures, a fund established by KFH Capital (Kuwait) and Cedar Mundi (Lebanon), Towell Holding International (Oman), Takamul Capital and Dividend Gate Capital (Bahrain), Nizar AlNusif Sons Holding and Arab Investment Company (Kuwait). The investment was facilitated by FTL Legal Services.

&nbsp;

Conceptualized in&nbsp;Kuwait&nbsp;and developed in Silicon Valley, COFE App connects coffee house chains and independent coffee roasters with coffee lovers via a seamless, easy, and efficient user-interface.

COFE App was founded in the summer of 2017 by Mr.&nbsp;Ali Al Ebrahim. Early funding for the app was generated by him and other investors who are coffee enthusiasts. The app was beta launched in&nbsp;February 2018. Since then, the app has been featured in&nbsp;Forbes Middle East&nbsp;annual list of &quot;Top 50 startups to watch for in the Arab world&quot; and was chosen among the most promising 100 Arab Start Ups by The Arab Youth Centre in&nbsp;Dubai, UAE.

COFE App Founder and CEO, Mr.&nbsp;Ali Al Ebrahim&nbsp;said: &quot;We are a group of coffee enthusiasts who - in the age of Tesla, Uber, and Airbnb - got frustrated with old-world ways of ordering coffee. So we set out to streamline the coffee ordering process and bring to our mobiles phones and everyone else&#39;s as well, aiming to bring the coffee culture and technology together in one unified platform. Today, we have a fast-growing state-of-the-art app that enables customers to order their favorite coffee from their favorite coffee house, and an app that has the potential to transform and grow our vendor&#39;s revenue streams. Needless to say, it&#39;s been a very exciting year for us at COFE App, and as we make this announcement today, and welcome our new investors on board, we are more focused than ever on growing our customer base both in&nbsp;Kuwait&nbsp;and abroad.&quot;

The coffee category is one of the world&#39;s fastest growing beverage categories worldwide, with over&nbsp;USD 600 million&nbsp;invested in coffee-related startups globally for the first seven months of 2018 - almost four times the investments of 2017 according to data from CB Insights who are expecting the figure to hit&nbsp;USD 1 billion&nbsp;by year-end. The sector has also witnessed a series of a multi-billion dollar merger and acquisition activity in 2018. High profile examples include Coca Cola Co.&#39;s&nbsp;$5.1 billion&nbsp;acquisition of Costa Coffee and JAB&#39;s&nbsp;USD2 billion&nbsp;acquisition of Pret-a-Manger.

COFE App Secures USD 3.2 Million in 'Pre Series A' Funding

Coded, a Kuwait-based coding academy has raised $1.3 million Pre-Series A, the startup told MENAbytes earlier this week. The round was led by Kuwait&rsquo;s KISP Ventures, and joined by different other Kuwaiti investors including Sijam Ventures, Sirdab Lab, and Sharq Capital. 500 Startups and Abdullah Al-Zabin, an angel investor also participated in the round. Coded was part of 500&rsquo;s MENA Dojo&rsquo;s third cohort that graduated earlier this year. The Kuwaiti startup had raised its first investment in an undisclosed round in March 2017.

Founded in 2015 by&nbsp;Ahmad Marafi and Hashim Behbehani,&nbsp;<a href="http://www.joincoded.com/" target="_blank">Coded</a>&nbsp;teaches people to code through their offline bootcamps and recently launched online platform Barmej that features different courses in Arabic. The startup since launching, according to its website, has organized over 20 bootcamps, graduating more than 200 coders.

Coded&rsquo;s online platform&nbsp;<a href="http://www.barmej.com/" target="_blank">Barmej</a>&nbsp;features both free courses and extensive six-month long online bootcamps (think Udacity&rsquo;s Nanodegrees) that cost $350 per month. There are currently eight free courses (tracks) available on Barmej that can be accessed by anyone by creating an account on the platform. The courses are divided into different lessons in the form of (Arabic) videos and the users are supposed to take quick MCQ-based tests after they finish a lesson. The platform also has an online community where participants can ask questions and talk to each other, and a leaderboard to show the top-scoring participants from all the courses.

<a href="https://i0.wp.com/www.menabytes.com/wp-content/uploads/2019/07/Barmej.png?ssl=1"><img alt="" src="https://i0.wp.com/www.menabytes.com/wp-content/uploads/2019/07/Barmej.png?resize=1000%2C557&amp;ssl=1" style="height:425px; width:764px" /></a>

The six-month-long online bootcamps are only available through applications. The users can learn all the details and then apply to register for the course through the platform. It&rsquo;s not clear how Barmej selects the participants. The bootcamps that are available on the website include Full Stack Web Development, Introduction to Data Science and Android Development.

Coded is also a partner of One Million Arab Coder, a UAE initiative that aims to help one million Arabs learn coding and programming.

The startup according to its website teaches children the basic of coding through a dedicated program called Coded Junior and also serves enterprise clients by offering them cusotmized bootcamps.

Hashim Behbehani, the co-founder and COO of Coded, speaking to MENAbytes, said, &ldquo;We have recently launched our Barmej Online Bootcamps to give an opportunity for every Arab to learn coding from zero to a professional level that enables them to enter the job market as junior developers. These online bootcamps offer depth, practical learning on projects that are reviewed by our trainers, a flexible learning experience, and support for placement in high-quality jobs. Our plan is to add more Barmej Bootcamps and invest further in creating a top-notch learning experience and placing our graduates in high paying jobs.&rdquo;

The startup also plans to use a part of investment to expand their offline offerings across MENA. They&rsquo;ve previously run bootcamps in Saudi and are now looking to expand further.

Kuwait’s Coded raises $1.3 million Pre-Series A to teach Arabs to code

<a href="https://aqarmap.com/">Aqarmap.com</a>,&nbsp;an online real estate marketplace in Egypt, closed a funding round from UAE-based Wamda Capital, Kuwait-based KISP Ventures, and Saudi-based Raed Ventures. While the funding round was closed several months ago, additional investment from a group of Family Offices with interests in the real estate sector across the region recently joined the fund.

Fadi Ghandour, Wamda Managing Partner said: &ldquo;The cornerstone of our investment philosophy is to invest in entrepreneurs that are reshaping their industries. Our investment in Aqarmap is redefining the way in which real estate is sold in Egypt. We believe that that the team at Aqarmap has been exceptional in solidifying their position in the market and driving value to both consumers and real estate developers. We are excited to become part of the Aqarmap story and partner with Amad to help drive the business forward.&quot;

Mohammad Alhajeri, KISP Ventures Director stated: &ldquo;We have been tracking Aqarmap for two years and we are thrilled to be one of its anchor investors. Aqarmap fits perfectly with our strategy of investing in unique companies that complement our business and where we believe we can add value. The company is on the right path and has the great blend of investors to solidify its position as a regional leader.&rdquo;

Omar Almajdouie, Founding Partner of Raed Ventures said: &ldquo;We are proud to participate in Aqarmap&rsquo;s latest round in support of Amad&rsquo;s visionary leadership whose persistence allowed the company to achieve sustainable growth with limited resources.&rdquo;

Amad Almsaodi, CEO and Founder of Aqarmap stated: &ldquo;We are honoured to have three of the leading VC firms in the MENA backing Aqarmap and believing in our vision. Despite our limited funding in the past, we managed to outperform all our competitors, and today we are bigger than all our direct competitors combined by all relevant metrics. We are especially proud that we generate more than 200,000 leads every month, and have helped sell more than 15,000 properties in 2017 worth 12 Billion Egyptian Pounds.

Aqarmap will use these new funds to solidify its existing leadership position in Egypt, grow its presence in Saudi Arabia, and expand into more markets.

Egyptian startup Aqarmap raises a round from Wamda Capital, KISP and Raed Ventures

Melltoo, a secondhand e-commerce platform launched in Dubai in 2014, has closed a bridge to Series A round with the participation of 500 Startups, KISP Ventures, Khwarizmi Ventures and Shorooq Investments. The amount of funding has not been disclosed.

According to Melltoo co-founders, Sharene Lee and Morrad Irsane, one of the lead investors has already committed half of the Series A round.

As a secondhand e-commerce marketplace for used electronics, fashion, home, and kids&#39; items, Melltoo plans to use the investment to expand operational capacity, including onboarding new dedicated couriers, and moving to a larger fulfillment center.

Furthermore, the new funds will help scale up Melltoo&#39;s Impacter. Launched last year, Impacter is an initiative that allows socially conscious users to list their used items for sale while donating sale proceeds to the charitable cause of their choosing. Buyers can see that the items they are buying are for charity and the amount that will be donated, while Melltoo handles the complete payment and delivery process.

Melltoo also offers a free electronics collection service to potential donors who prefer not to handle the sale process themselves. Collected electronics are reset, cleaned and sold on the marketplace with half the sale proceeds going to the cause selected by the donor.

Speaking about Impacter, Mahmoud Adi, Partner at Shorooq Investments, said, &quot;Our region as a whole is used to buying more than we need and yet lack creative solutions to properly dispose of the excess goods in our companies and homes. I have used Melltoo to donate my personal belongings ranging from IT to general products, and it has been an extremely efficient and smooth process, which is so important. I encourage everyone and every company to use Melltoo, if they have any items that they want to throw away or donate or sell, like unused laptops and IT equipment. It&#39;s just so easy.&quot;

UAE Startup Melltoo Closes Pre-Series A Round With 500 Startups, Shorooq Investments, And Other Investors

Bahrain-based&nbsp;<a href="http://www.skiplino.com/" target="_blank">Skiplino</a>&nbsp;has raised Series A investment for its cloud-based queue management system from Kuwait&rsquo;s KISP Ventures. The financial details of the deal were not disclosed but Skiplino&rsquo;s CEO Zaman AH. Zaman speaking to&nbsp;MENAbytes&nbsp;has confirmed that it&rsquo;s a seven-figure USD deal, adding that further details will be disclosed soon.

Founded in 2015, the startup has developed a suite of web and mobile applications that can be used by businesses to digitize queue management at their offline stores and branches.

Claims to be world&rsquo;s most intelligent cloud-based queue management system, Skiplino&rsquo;s multilingual queue management (available in almost 70 languages) apart from allowing businesses to handle customer queues in a smart way with better speed, also monitors data related to queues in real-time and collects customer feedback using its mobile app.

The startup sells these services using a freemium subscription model &ndash; free for businesses with one branch for its 50 tickets per day plan and $149 per month ($99 per month if paid on annual basis) per branch for unlimited tickets and other services.

Skiplino enables customers of the businesses using its services to queue remotely before their arrival, know their waiting time, know the next slot available, and track history of their visits. The startup claims that it could save customers six months of time in their lifetime that they would normally waste waiting in queues.

KISP Ventures is a Kuwait-based VC firm that is backed by KFH Capital, which is investment arm of Kuwait Finance House, the largest Islamic bank in Kuwait and second largest Islamic bank in the world.

The investment by KISP Ventures will give Skiplino access to all their retail branches and subsidiaries all around the world. According to KFH&rsquo;s website, they have over 400 branches across seven regions worldwide.

If Skiplino gets even half of that number on their platform, it would mean hundreds of thousands of dollars in annual recurring revenue. Not bad at all for a SaaS from the region.

Bahrain’s Skiplino raises seven-figure Series A for its cloud-based queue management system

<a href="https://www.brilliant-lab.com/">Brilliant Lab</a>, a startup acceleration service based in Kuwait, has announced expansion plans to set up in Bahrain later this year, next to the Bahrain Financial Harbour. The expansion plans are in partnership with&nbsp;KFH Capital, and&nbsp;KISP Ventures.

Since its launch in Kuwait in 2013, Brilliant Lab has empowered and enabled more than 80 tech companies to develop their business and reach the most amount of users. Brilliant Lab helps startups by giving them exposure to experts, running business plan competitions, and to help build a network to exchange knowledge for tech-based startups in Kuwait.

Brilliant Lab has a variety of programs for tech startups including BL Startup School, a hands on education and mentoring program, Brilliant Start, a funding program to provide solid investment for founders, and various events that promote entrepreneurship and innovation within the country.

Founder of Brilliant Lab Neda Aldihany said that the expansion aims at providing a range of services to founders of tech companies in the Middle East that intend to expand specifically to the Kingdom of Bahrain and to Saudi Arabia.

Aldihany said that the launch of Brilliant Labs in the Kingdom of Bahrain will support startups starting next September, after the end of its annual program in San Francisco.

Kuwait’s Brilliant Lab set to launch in Bahrain

Dubai-based MAGNiTT.com, one&nbsp;of the largest investment data platforms for investors, entrepreneurs, and corporates in the Middle East, announced that it has raised close to $1 million in seed funding.

The round was led by 500 Startups, along with other regional VCs and angel investors including Middle East Venture Partners, KISP Ventures, Financial Horizon Group, and iNet.

MAGNiTT&rsquo;s founder, Philip Bahoshy, said: &ldquo;As a startup ourselves, we are delighted with the strong support we have received from the ecosystem for our Seed round. The funds raised will allow us to accelerate our growth, by further enhancing our platform to better serve our existing markets in the first instance, and consequently extending our geographical reach by expanding outside the region where we look to solve similar pain points.&rdquo;

MAGNiTT differentiates itself from other players by providing users with a rich data platform on a subscription model and by allowing startups and investors to connect directly.

Sharif El-Badawi, partner at 500 Startups said: &ldquo;At the heart of understanding an industry or building a nascent, fast evolving ecosystem, is knowing who the actors are and the activity taking place. Accurate data and objective transparency for startups, investors and enablers was almost non-existent before MAGNiTT. Now it is the defacto source for researchers and reporters within and outside the MENA region. At 500, we value data and transparency tremendously and it was clear to us that backing MAGNiTT made good business sense all around.&rdquo;

​Walid Mansour, partner and chief investment officer at Middle East Venture Partners, said; ​&quot;For us, as a MENA-focused venture capital firm that invests in the early and growth stages of innovative companies run by talented entrepreneurs, MAGNiTT is a strategic investment on several levels. Firstly, the platform brings much needed reliable and trustworthy information and analysis to our ecosystem. &nbsp;Secondly, we feel that Philip&#39;s vision for MAGNiTT, to foster and help accelerate entrepreneurship in MENA, is aligned with our vision and will help many other startups successfully secure funding and in turn be part of the transformation of our region.&quot;

Having released over 20+ reports since inception, a core focus of the MAGNiTT platform is education through data driven analysis for its subscribers. The platform currently hosts 5,500 start-ups, over 12,000 users including 300+ individual investors and 150+ funding institutions, be VCs or Angel Investors.

Coinciding with the funding announcement, MAGNiTT has just released its new website, with enhanced user profiles, investment tracking notifications, research and analytics tools and a startup job portal for startups and VC portfolio companies. The company is also growing its technology team by onboarding new tech experts.

MAGNiTT raised a $1M Seed round

Amman-based POSRocket has raised $1.5 million in a fund round led by Algebra Ventures and joined by Kuwait&rsquo;s KISP Ventures and Arzan VC, Khobar-based Financial Horizon Group, and two angel investors. The round comes after POSRocket raised $650,000 in seed funding from Jabbar Internet Group, Propeller Inc, and Arzan VC less than a year ago.

Founded in 2016 by Zeid Husban,&nbsp;<a href="http://www.posrocket.com/" target="_blank">POSRocket</a>&nbsp;has developed a cloud-based point-of-sale system that it sells to restaurants and retailers using a subscription model. The system allows these businesses to optimize their manpower resources, regulate inventory, generate different types of sales reports and monitor all the operations in real-time from anywhere in the world.

Zeid has previously also founded and successfully exited ifood.jo, a food delivery startup in Jordan that was eventually acquired by Delivery Hero. It was through his work with the restaurants at ifood.jo when he realized that the traditional POS systems are a big pain point for them.

Speaking about their plans, he said,&nbsp;&ldquo;At POSRocket, we strive to build a merchant-centric, value-driven ecosystem. For us, it&rsquo;s not only about sales totals, items in stock, or payments processed; it&rsquo;s more than that. We&rsquo;ve managed to introduce a new dimension to the point-of-sale by experimenting with advanced technologies like machine learning and blockchain.&rdquo;

&ldquo;Looking back at the first round of investment, we successfully solidified our value proposition, employed the right talent, crafted our operations, and embossed our brand identity in the Jordanian &amp; Egyptian markets,&rdquo; Zeid added, explaining how they&rsquo;ve used the previous investment to grow their business.

Algebra Ventures&rsquo; Managing Partner, Ziad Mokhtar, commenting on the occasion, said, &ldquo;Technology and the internet are changing the way restaurants and shops are doing business. Traditional barriers to collaboration are disappearing. POSRocket is laying the technological foundation that will allow this to happen. The team at POSRocket is exceptional and has the vision and stamina to transform the POS market in the region.&rdquo;

Currently present in Jordan and Egypt, POSRocket plans to use the investment to continue its regional expansion.

&ldquo;This round is all about leverage and scale. Partnering with such strategic veteran investors will fuel POSRocket to achieve it&rsquo;s disruptive vision and propel us to further cross new borders. We could not be more thrilled,&rdquo; noted Zeid Husban, the founder &amp; CEO of POSRocket.

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