Raseedi, an Egyptian spend optimisation startup, has announced that it has raised $850,000 in a Pre-series A round from Samurai incubate, an undisclosed European investor, and existing investors including 500 Global, Falak Startups, and EFG-EV. The company had previously raised USD 400k in seed funding in 2019.
Founded in 2018 by Ahmed Atalla and Samuel Abd El Malak, Raseedi App uses technology to help users measure and track their telecom consumption, advises them on the best packages to subscribe to, and automates calls from the cheapest SIM card for dual sim users, saving users between 20% to 30% of their monthly telecom spend. Raseedi helped 200K+ downloaders optimize their spending in its first year of launch.
Ahmed Atalla co-founder and CEO of Raseedi notes, “Since our inception, we have focused on the masses offering them a better way to communicate cheaper. So, once an app becomes the user’s daily trusted dialer, it becomes so much more; the network or circle they trust for how they connect to their community of contacts, friends and family.
“Users are now calling cheaper, paying telecom/ utility bills and taking advance telecom credit but imagine if later people can communicate for free within this community, pay peers/ contacts and borrow from peers or even get guaranteed by members of their community to receive cash loans. Maybe sooner than later, stay tuned.”
Commenting on the investment, Samuel Malak, Raseedi’s co-founder and COO and head of product notes, “We’ve always been a super lean tech startup, we only spend on people and tech never on assets or operations that’s why our goal is to create this daily product that relies completely on technology with zero dependencies on any ground operation. From communication to payments to receiving instant advance credit, everything is done through an app. It’s been going great for us with 13,000 reviews of 4.3 stars on the play store, yet the bigger challenge comes with our next scaling milestone, 100 million monthly visits from 1m monthly active users”.
Samurai Incubate said in a statement, “We strongly believe that Raseedi’s unique approach of providing the app to the unbanked in Egypt will not only allow them to use their phone easier and more affordable but also open a gate to access to credit.
“The company is led by three experienced founders who have a great conviction to solve the pain points of services provided by existing telcos, and already built a talented team to execute their mission. We are happy to be on board of their journey to improve African people’s accessibility to the internet.”