Algebra Ventures Joins Forces With Ezdehar To Invest In MEA’s Upcoming Loyalty Solutions Provider: Dsquares
Dsquares is a loyalty solutions provider in the Middle East & Africa. The company that was founded by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa in 2012 quickly dominated the b2b loyalty solutions market in MENA, supporting large corporate clients – including banks, FMCGs, and telecom operators – to retain customers and develop their spend patterns.
“We’re pleased to partner with Algebra Ventures, a VC that we think is of great value to its portfolio companies across different segments,” says 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 Ventures who have been keenly monitoring Dsquares’ performance are very impressed with their growth. The VC firm is positive that the combination of Dsquares’ impressive track record in the b2b loyalty business, coupled with the strength the team has used to distinctly position Dsquares, the company will bring loyalty services into the hands of consumers all over the Middle East and Africa.
Algebra’s investment in Dsquares follows a number of consumer-tech investments they’ve made over the last two years, including investments in Elmenus, GoodsMart, and La Reina. The strategic investment by Algebra comes ahead of Dsquares’ launch of its b2c consumer-tech product, the Lucky Discounts App.
Speaking about plans for the future, Dsquares’ spokesperson continues, “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 maximize exposure and leverage innovation and technology to continue serving brands and consumers all over Africa and the Middle East.”
The Cairo-based IT company supports local and international corporate clients across MEA. With proven loyalty management services and customizable systems, their data-driven loyalty and rewards programs help clients retain their customers, develop their spend pattern and increase profitability.
Algebra Ventures is a USD 50 Mn Cairo-based venture capital fund that invests in emerging tech startups in Egypt and the MENA region. Its LPs include Cisco, the European Commission, EAEF, EBRD, IFC, and private family offices. Algebra has invested in 15 technology companies in MENA, including HolidayMe, Trella, Elmenus, GoodsMart, and Halan.
Ezdehar Management is a Cairo-based private equity firm that invests in high-growth Egyptian corporates. Its LPs include EBRD, EIB, CDC, FMO, and private family offices. Ezdehar has invested in Nile Aluminum and Metals Company (AluNile), Global Leasing Company, and Dsquares.