Lobby Capital makes multi-million dollar investment in Egypt cashback marketplace WaffarX

The fund will be used to expand the platform and user acquisition of the Egypt-based startup, as well as to enter new markets in MENA.

Lobby Capital is a Silicon Valley-based venture capital company making its first investment in MENA. WaffarX was created by Ezz Fyek, Mahmoud Monasser, and Ahmed Kamal. It uses cutting-edge technology for cashback rewards, helping customers save money on their purchases. Through the secure channel, startups help brands transfer and spend directly to their customers via cashback rewards. Customers can monetize their data themselves to build stronger brand loyalty.

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WaffarX created a solution that generates immediate results and transforms every transaction into an opportunity to save money. WaffarX CEO/cofounder Ezz Fayek described the Lobby Capital investment and A15 as ” a massive endorsement of WaffarX’s business model strategy.”

Lobby Capital is located in San Francisco. It has experience in investing in cashback platforms. David Hornik, the General Partners, stated, ” We’re excited that the right business model can be found and the right people can join together to make Lobby’s first investment here.”

WaffarX has onboarded over 260 merchant partners and 450,000 members. WaffarX offers cutting-edge technology that meets the needs of modern merchants and customers. The funds will be used by the Egypt startup to increase user acquisitions, expand its platform and further expand into MENA.

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