Dsquares, the Cairo-based loyalty and reward solutions platform announced the securing of fresh funding from Lorax Capital Partners, an Egyptian private equity firm. According to the statement, Lorax Capital Partners Fund II has acquired a minority stake in DSQ Group (the umbrella body of Lucky and Dsquare).
The capital infusion will be channeled will help DSQ Group’s regional and global expansion strategy. Dsquares falls under the DSQ Group and stands out as a leading loyalty and rewards solution provider in the MENA region and central Europe. Today the startup serves over 100 million customers, boasts a network of 900 brands, and serves 11,000 outlets across different sectors of Saudi, Romania, Morrocco, Kenya, Tanzania, and the UAE.
Algebra Ventures is another Egypt VC firm and significant shareholder in DSQ Group. The firm also announced an increase of its investment as part of this transaction.
Dsquares was founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa and caters to the North Africa and the Middle East markets. Customer loyalty for its programs ranges from operational, technical, and commercial aspects increasing customer loyalty and retention. The startups work with key industry players from banking, finance, telecommunications and FMCG.
Dsquares launched the Lucky app in 2019 that offers clients an array of discounts from retail brands and has now been downloaded 5 million times. It works in a manner that covers thousands of clients in different categories. Users browse through different parts of the app, choose the one they want to use, and redeem it by scanning the QR code when at the store.
Marwan Kenawy, the CEO and co-founder at Dsquares described LCP’s partnership and investment with Dsquare as a way of expanding their services across the Middle Eastern and the North African markets.
The original article on the new development was shared on Digital Boom, we shall keep you updated on more information.