Egypt's technology venture capital firm Algebra Ventures said that it completed a $1.5 million funding round for the Jordanian cloud-based Point-of-sale platform POSRocket, indicating an increasing appetite among investors for technology startups. Other investors in the round include KISP Ventures, Arzan VC, Financial Horizon Group, and two angel investors.
Founded in 2016 by Zeid Husban, POSRocket provides an intuitive, secure, cloud-based point-of-sale system for SMEs. The startup develops cloud-based POS software for restaurants and retailers while it supports optimizing staffing, regulating inventory, generating sales reports, and allowing owners to remotely monitor all operations in real time.
The Jordanian startup plans to use the acquired investment to continue its MENA-wide expansion, “This round is all about leverage and scale, partnering with such strategic veteran investors will fuel POSRocket to achieve its disruptive vision and propel us to further cross new borders. We could not be more thrilled" ” says founder & CEO Husban.
The startup strives to build a merchant-centric, value driven ecosystem." We’ve managed to introduce a new dimension to the point-of-sale by experimenting with advanced technologies like machine learning and blockchain” added Husban.
Husban is a seasoned entrepreneur who previously founded and successfully exited a food delivery startup in Jordan that was eventually acquired by Delivery Hero. POSRocket’s business and team did not go unnoticed by regional VCs and angel investors, with the company initially receiving investment from Jabbar Internet Group and Jordan-based accelerator Propellor Inc.
"Technology and the internet are changing the way restaurants and shops are doing business. Traditional barriers to collaboration are disappearing. POSRocket is laying the technological foundation that will allow this to happen," says Algebra Ventures’ Managing Partner, Ziad Mokhtar.
Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies. Its investments include Eventtus, Elmenus, GoodsMart, La Reina, and Filkhedma.