Convertedin, an Egyptian startup company that runs a marketing operating system for e-commerce firms, has completed a seed round funding investment of $3 million, spearheaded by Saudi Arabia-based Merak Capital.
500 Global and MSAS are two other investors who participated. The firm announced its intentions to spend the funds in a statement that will put them toward strategic hiring and expanding its platform. Because of their shift toward e-commerce sales, companies are operating with massive amounts of fragmented data, which needs to be consolidated to fuel growth and make wise decisions
Consequently, platforms such as Convertedin become crucial because they cater to companies and enterprises that want to drive tailored and scalable campaigns, convert customers, produce measurable outcomes, and generate revenue.
After working with various brands at firms such as Speakol Ads and Vodafone, the company’s current CEO, Mohamed Fergany, and Mohamed Atef and Mustafa Raslan, founded the company in 2019. Because of his time working for the company, he has opened the door to assist brick-and-mortar retailers in retargeting and keeping existing customers online, as well as recruiting new customers to shop in their stores.
If IKEA employs you, and they record your phone number. After that, our application will search for a comparable item that you can purchase, and we will retarget you online. If you go back to IKEA for that goods, the executive added in the interview that “we can compute the cost of switching online.”This is the primary concept at this time because we perceive a significant issue with the absence of either an analytics platform for the offline business or a retargeting method
As the pandemic spread and stores closed, many of these brands turned to online shopping, Convertedin also moved its business online.
Fergany contends that even though online businesses acquire customer information with CRM software, they don’t put very much of it to good use. So Convertedin allows them to use their data in the best way possible.
It works with more than 10 of the biggest ad networks and e-commerce platforms. Once connected, brands can move customers into different groups, such as low-value and high-value customers. Such as people searching for particular products and then using these insights to develop multichannel marketing personalizations as well as drive multiple campaigns spanning social media, short message service (SMS), email, search engine optimization (SEO), and other channels, and be able to track and credit revenue conversions.
Convertedin says that if SMB ecommerce marketers use its platform, their ad spend (ROAS) return will double, and their cost per customer (CAC) will go down by 40%.To this day, the company collaborates with more than one hundred local and multinational businesses across various industries in South America, the Middle East, and Africa through media and advertising buying organizations as business partners. Technology, healthcare, and the automobile industry. According to Mr Fergany, the revenue that Convertin receives from these enterprises has been increasing at a monthly rate that is “double-digital.”
The Egyptian-based company has been in operation for three years, and in addition to its headquarters in Egypt, it also maintains operations in Saudi Arabia and Brazil. The South American market is enormous, with over 200 million consumers expected to drive e-commerce revenue to 160 billion dollars by 2025.
Consequently,Convertedin intends to make its services available in Portuguese. in addition to the languages of English and Arabic, to brands in Brazil as well as in Mexico, which is another market in South America. Additionally, according to Fergany, Convertedin is keeping an eye on the markets in South Africa and India.
We concentrate on emerging markets, and if you consider it from a robust unit economy perspective, you’ll see that we have little difficulty selling our products in those nations due to the low level of competition. The chief executive officer said this regarding the company’s development into five new markets, one of which being Saudi Arabia: “And the cost of recruiting clients is minimal compared to the markets in the United States or Europe.”Compared to the United States or Europe markets, the cost of recruiting new clients is quite inexpensive. Convertedin will be able to scale this beyond research and development and recruitment with the support of the new investment.
In a statement, Ahmed Aljibreen, a partner at top investor Merak Capital who is in charge of his company’s investments, said: The dynamic nature of digital marketing platforms’ landscape adds complexity to the problems to be solved. E-commerce companies need a new way to do things, and Convertedin has found the answer. E-commerce businesses now have a new option, and Convertedin offers the answer to their problem. As a result of this, Merak Capital believes in the potential of the company.
It gives us great pleasure to recommend Convertedin, a martech firm that has developed a cutting-edge platform to facilitate the simplification of digital marketing, the enhancement of client acquisition, and the acceleration of customer growth. Convertedin is run by a world-class team that we have a lot of faith in as the company moves into the next growth phase in Latin America and the MENA regions.