Series A round will be used to bring in talent, expand into new markets and serve the needs of different customer segments
Dubai-based business solutions platform Zbooni has completed a Series A funding round, raising $9.5m, which will be used to bring in talent, expand into new markets and serve the needs of different customer segments.
According to a statement on Tuesday the funding round, which includes a combination of new and existing investors, started with a $5 million investment from a London-based institutional fund; while an additional $4.5m tranche was included to accommodate “internationally strategic investors”.
Ramy Assaf, Zbooni CEO and co-founder, said: “What started as an innovative way of capturing business payments via messaging apps is evolving into a wider solution, built with a focus on being mobile and simple to use. We see a massive opportunity in front of us and are excited about helping define the next generation of commerce.”
UAE-based digital enabler for SMEs says a London fund led investment in Series A funding
New investment has come from March Holding, a regional family office with interests in ICT, e-commerce, and payments infrastructure; Enterprise Fund, a California-based VC founded by former senior Atlassian executives; and European private investors that have operated global payments and e-commerce businesses. Chalhoub Group, an existing investor, also participated in this round through their CCVA investment arm and are adopting Zbooni across multiple brands and retail stores.
Launched 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.
At the turn of the year, Zbooni announced it had recorded rapid acceleration in 2020, including 600 percent in customer growth.