Ideavelopers Invests in Egyptian Group Buying Website Offerna.com

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Wael Nabbout
Oct 09 2011
Business
Ideavelopers Invests in Egyptian Group Buying Website Offerna.com
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Ideavelopers recently lead a Series A investment round in Offerna, Egypt’s first group buying site. Established in March 2011, Offerna provides its customers with daily deals in both Cairo and Alexandria with discounted prices of 50-90%.

Offerna is lead by Abdullah Assal, founder and CEO, who brought the group-buying model to Egypt after completing his MBA at Stanford; Sinan Khatib, previously Director of Business Development at BuyWithMe; Yasser Lotfy, previously manager of Etisalat Misr’s Mass Market Revenue and Retention; and Tamer Adel, regional e-commerce expert.

Commenting on the deal Assal said, “We chose Ideavelopers because of the value add nature of the investment.  In addition to providing us with substantial capital, we believe Ideavelopers will be instrumental in providing strategic advice, and local and regional access.”

Shayan Habib, Partner at Ideavelopers, on his part has this to say “After surveying the landscape of group buying sites in Egypt, we were extremely impressed with Offerna’s team and vision. We believe their team has what it takes to go the distance to build a successful e-commerce company in the region.”