MICROCAPITAL BRIEF: POSRocket Raises $5m to Expand Point-of-sale Payment Systems, Related Technology for Small Businesses in MENA

POSRocket, a Jordan-based provider of point-of-sale (POS) technology, recently raised USD 5.1 million in an equity round led by Algebra Ventures, an Egypt-based firm that invests in technology, and Sanad Fund for MSME, a Luxembourg-based vehicle targeting micro-, small and medium-sized enterprises (MSME) in the Middle East and North Africa (MENA). The other participating investors are: Edgo Group, a Jordan-based firm operating primarily in the energy sector; Etihad Bank, a Jordanian financial institution; Innovative Startups and SMEs Fund, which is backed by the Central Bank of Jordan; Khwarizmi Ventures, a technology-oriented investor based in Saudi Arabia; Seedstars, a Swiss organization promoting entrepreneurship worldwide; Vision Ventures, which is focused on MENA and is headquartered in Saudi Arabia; and multiple angel investors.

POSRocket CEO Zeid Husban said, “We want to be in the hands of every merchant, no matter what shape or size. The integrated POS ecosystem coupled with e-payments is a necessity for a business to survive and grow in today’s marketplace.”

POSRocket provides cloud-based POS services, reports, analytics, inventory management, customer relations management and call-center services. The firm’s technology reportedly is in use by “thousands of merchants with an aggregate transaction value of over USD 2 billion” in Egypt, Jordan and Kuwait. POSRocket is also preparing to expand to Saudi Arabia. This investment round brings the company’s total funding to USD 7.2 million.

By Bradley Shulman, Research Associate

Sources and Additional Resources

Sanad press release
https://sanad.lu/events-press/sanad-invests-usd-2-million-in-posrocket-to-advance-digital-solutions-for-small-businesses-in-mena

MENAbytes article
https://www.menabytes.com/posrocket-5-million/

POSRocket homepage
https://www.posrocket.com/

Crunchbase profile on POSRocket
https://www.crunchbase.com/organization/posrocket

Algebra Ventures homepage
https://algebraventures.com/

Sanad Fund for MSME homepage
https://sanad.lu/

Edgo Group homepage
http://www.edgo.com/

Etihad Bank homepage
https://www.bankaletihad.com/

Innovative Startups and SMEs Fund homepage
https://issfjo.com/

Khwarizmi Ventures homepage
https://khwarizmivc.com/