Finance

Egyptian Adtech ArabyAds secures US$30 million for MENA expansion

Wednesday, 24 August 2022 18:55
Egyptian Adtech ArabyAds secures US$30 million for MENA expansion

(Ecofin Agency) - The deal comes three years after media group Choueiri entered ArabyAds' capital. It will support the marketing agency's expansion in the MENA region and improve its service offerings. 

Egyptian adtech company ArabyAds announced, Monday (August 22), that it has secured US$39 million in pre-series A funding from AfricInvest.

The funding was provided via the Maghreb Private Equity Fund IV aimed at supporting North African SMEs. Launched in 2017, the investment vehicle has already supported the regional and continental expansion of seven growth companies (eight including the new deal).  

"We are delighted to welcome AfricInvest as one of our long-term investors […] ArabyAds is committed to transforming the digital advertising landscape with innovation and has been leading the way to deliver performance advertising with its platform offerings. Our fundamentals are strong, and as one of the fastest and profitably-growing companies in the MENA region, ArabyAds is now looking to expand its presence in newer markets where it can leverage its scalable, secure, and end-to-end platforms to help e-commerce businesses scale effortlessly across the globe," indicated Mahmoud Fathy (photo, left), ArabyAds CEO and co-founder.

The investment comes almost 3 years after ArabyAds last raised funds. The company, which helps advertisers reduce their advertising and marketing expenditures while increasing sales, raised US$6.5 million from Equitrust, the investment arm of media group Choueiri. The funding was allocated to strengthen ArabyAds' brand and help it provide new solutions to regional advertisers looking to increase sales through advertising.

The new investment secured from AfricInvest will be used to support ArabyAds' regional growth plan and strengthen its tech capabilities. The platform founded in Egypt in 2013- but based in the United Arab Emirates- will also use the funds to " increase the pace of [its] international expansion, providing ArabyAds an opportunity to further deliver meaningful technology solutions to e-commerce companies globally," explained Gulrez Alam, ArabyAds chief investment and strategy officer.  

Last February, ArabyAds claimed to have secured more than 12 million e-commerce transactions for advertisers in 2021. While Saudi Arabia contributed more than 45 percent of overall sales on the platform, the UAE and Egypt together generated more than 20 percent.

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