Saturday, April 20, 2019 UTC

AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Private Equity > Deals

Algebra Ventures​ and Ezdehar Management​ invest in Dsquares

Africa Global Funds
April 4, 2019, 9:48 p.m.

Word count: 431

​Algebra Ventures​, Egypt’s venture capital fund, and Ezdehar Management​, an investment management firm focused on high-growth Egyptian corporates, have invested in ​Dsquares​, the region’s leading loyalty solutions provider. 

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​Algebra Ventures​, Egypt’s venture capital fund, and Ezdehar Management​, an investment management firm focused on high-growth Egyptian corporates, have invested in ​Dsquares​, the region’s leading loyalty solutions provider. 

Algebra’s strategic investment comes ahead of Dsquares’ launch of its b2c consumer-tech product, the Lucky Discounts App.

Founded in 2012 by Marwan Kenawy, Ayman Essawy, and Momtaz Moussa, Dsquares is the region's fastest-growing loyalty solutions provider. 

With significant telecoms and technology experience, the founders saw an enormous and untapped opportunity in the loyalty business in emerging markets.

Dsquares quickly dominated the b2b loyalty solutions market in MENA, 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 Management to support its b2b and b2c growth plans.

“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 a Dsquares spokesperson. 

“We believe that being backed by Algebra’s consumer-tech experience will significantly enhance Dsquares’ development and future expansion strategy in the consumer apps business.”

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.

Algebra has been following Dsquares’ performance closely, and was very impressed with how much they’ve grown. 

The VC firm believes that the combination of Dsquares’ impressive track record in the b2b loyalty business, coupled with the strength of the team has uniquely positioned Dsquares to bring loyalty services into the hands of consumers all over the Middle East and Africa.

Speaking about plans for the future, Dsquares’ spokesperson said: “With the big launch of Lucky Discounts App and a strategic partnership with Algebra Ventures, we are very optimistic about the future of Dsquares. Such a tactical investment will pave the way for Dsquares to maximize exposure and leverage innovation and technology to continue serving brands and consumers all over Africa and the Middle East.”

Algebra Ventures is a $50mCairo-based venture capital fund that invests in early-stage technology companies in Egypt and the MENA region. 

Its LPs include Cisco, the European Commission, EAEF, EBRD, IFC, and private family offices. 

Algebra has invested in 15 transformative technology companies in MENA, including HolidayMe, Trella, Elmenus, GoodsMart, and Halan.

Ezdehar Management is a Cairo-based private equity firm that invests in high-growth Egyptian corporates. 

Its LPs include EBRD, EIB, CDC, FMO, and private family offices. 

Ezdehar has invested in Nile Aluminum and Metals Company (AluNile), Global Leasing Company, and Dsquares.

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