Dubai-based Zbooni secures $5M Series A funding round
Zbooni, a digital enabler for SMEs, has announced a $5M Series A funding round, led by an undisclosed London-based fund.
Since its inception in 2017, Zbooni provides services for a wide variety of businesses, with tools including invoicing technology, payment enablement, digital store creation, and customer management support.
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At the start of the year, Zbooni announced it had recorded a rapid acceleration in 2020, including 600% in customer growth. As of January 2021, Zbooni supports thousands of merchants, transacting tens of millions of dirhams every month, and to-date has allowed its merchants to serve more than 150,000 end-customers.
The platform, which started out as a chat commerce venture enabling payments via WhatsApp, has spent the past 12 months diversifying its product line to provide a full suite of business support and enablement tools. This strategic development has increased the core number of merchants using Zbooni, while also increasing the retention of merchants across all geographic markets, the startup has stated.
Speaking on the investment, Zbooni CEO and Co-Founder Ramy Assaf said, “Zbooni is on a mission to help provide access to digital commerce tools, ultimately supporting our merchants to start, run and grow their business. While we wish to keep the investor undisclosed, their reputation and track record speak for itself, they have previously invested in some of the most successful emerging market growth stories - operating a fund of well over $1B in assets under management. Through this support, Zbooni will invest in people to develop even better products for our merchants and enhance the customer experience with best-in-class technology.
“Our customers are the real heroes of this story, and we’re just scratching the surface of what we’re able to help them do. We believe there remain millions of SMEs still left severely underserved across our geographies – we are here for them.”
The new funding will be used to expand the Zbooni team across its current core markets of the UAE, Saudi Arabia, and Jordan.
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