Egypt based startup Yaoota has secured a US$2.7 million in Series A round driven by UAE private equity investor KBBO Group.

Cofounders Sherif ElRakabawy and Mohamed Ewis have declared that the company received its first outside fund to boost the operation of the company.

Yaoota was set up by Sherif ElRakabawy and Mohamed Ewis in 2014 which is an Egyptian search engine that allows merchants to sell products online.

ElRakabawy told that they had signed the deal in August but had kept it undisclosed till all the paperwork regarding it was done.

“We will utilize fresh funding to the operation of the company into nearby regions to build a large user base. We’re also investing in our home-grown technology to scale it up. Merchants value our traffic due to its high conversion rate and this hasn’t changed. User numbers have been growing steadily since we’ve launched the last year.,” ElRakabawy further added.

Yaoota was set up by Sherif ElRakabawy and Mohamed Ewis in 2014 which is an Egyptian search engine that allows merchants to sell products online. At the initial phase company successfully provided services to 45,000 visitors and as of 2019 traffic is back up to 100,000 visitors a month.

Yaoota generates revenue via users clicking through to merchants and making purchases by using the platform. The conversion rate of users following through on purchase at Yaoota is 2.5 percent.

In October 2014 ElRakabawy told that it is currently working to add additional features of data analytics and insights on demand of users and the company are also seeking to add an extra revenue stream by adding those features at Yaoota.

ElRakabaway said that the company is focusing on cost per click to ramp up the company’s revenue.

 

Egypt based Yaoota receives US$2.7 million in Series A round driven by KBBO Group