|28 November, 2019

Egyptian digital ad startup raises $12.2mln from Saudi firm

The startup uses a network of digital advertisement screens in restaurants, malls and gyms.

Image used for illustrative purpose. Hands of Businessman Notebook and documents working .

Image used for illustrative purpose. Hands of Businessman Notebook and documents working .

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Cairo-based indoor digital advertising platform, Adzily, has raised a $12.2 million funding from Saudi investment firm Tharawat Holding Company.

The startup uses a network of digital advertisement screens in restaurants, malls and gyms.

According to Menabytes, the deal is the first round of external funding raised by the startup.

Adzily was founded in 2018 by Ahmed Ashoor, Mostafa Hendawy, Mostafa Kamshish and Mohamed Ossman.

It allows brands to target consumers that are at a specific location or shop. The brands can also choose a specific type of audience and schedule their ads.

The company plans significant expansion following the Saudi investment.

Adzily has currently installed 200 screens in Egypt and plans to add 1,000 more in the next three months. It plans to install 5,000 screens in different Saudi cities in 2020 and add another 5,000 by 2021.

(Writing by Seban Scaria seban.scaria@refinitiv.com, editing by Daniel Luiz)

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