Algebra Ventures, Egypt’s leading venture capital fund, in partnership with Ezdehar Management, announced Tuesday their investment in Dsquares, the fastest growing loyalty solutions provider in the Middle East and Africa.
Algebra’s strategic investment comes ahead of Dsquares’ launch of its b2c consumer-tech product, the Lucky Discounts App.
“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 Dsquares spokesperson.
He added that Algebra’s consumer-tech experience will significantly enhance Dsquares’ development and future expansion strategy in the consumer apps business.
Dsquares was founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa, and quickly dominated the b2b loyalty solutions market in the Middle East and North Africa, supporting large corporate clients – including banks, FMCGs, and telecom operators – to retain customers and develop their spend patterns.
In 2018, Dsquares secured funding from Ezdehar to support its b2b and b2c growth plans.
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.
Dsquares spokesperson said that the big launch of Lucky Discounts App and a strategic partnership with Algebra Ventures 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.