The AdTech startup will use the funds to expand its footprint into new markets in north and Sub-Saharan Africa, further accelerate its technological advancement and hire more talent to support growth.
Mahmoud Fathy, CEO, and co-founder of ArabyAds hinted at the firm’s plan expansion into newer markets. “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.”
Also, Gulrez Alam, chief investment and strategy officer at ArabyAds, said “This funding round enables us to increase the pace of our international expansion, providing ArabyAds an opportunity to further deliver meaningful technology solutions to e-commerce companies globally.”
ArabyAds was founded by Mahmoud Fathy and Mohammad Khartabil in Cairo, Egypt, in 2013, with headquarter in the UAE, and tech hubs in Egypt, Tunisia, and Jordan specializing in digital advertising. According to its website, it opened its business headquarters in Dubai in 2016 with over 300 employees.
In 2019, it received $6.5 million in Series A funding from EQ2 Ventures, Choueiri Group’s investment arm. It purchased Dubai’s AdFalcon in 2020 and Dmenta, an influencer marketing platform, in 2021.
According to its website, the number of e-commerce transactions powered by ArabyAds’ platforms has reached nearly 9.6 million so far in 2022, with a total of 12,355,414 in the full year of 2021.
Meanwhile, AfricInvest’s Maghreb Private Equity Fund IV made its eighth investment, which provides growth capital to small and mid-cap companies looking to expand regionally and across the African continent to spur productivity growth and long-term job creation.
According to its website, AfricInvest has raised $1.9 billion across 21 funds. It has invested in over 170 companies in 25 African countries, primarily in key growth industries such as finance, agribusiness, consumer, retail, education, and healthcare.