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Egypt based Ideavelopers Invests in Egyptian Group Buying Website, Offerna.com

Ideavelopers, a subsidiary of EFG-Hermes, recently lead a Series A investment round in Offerna, Egypt’s first group buying site.
Ideavelopers | 10.10.2011

Ideavelopers, managers of the Technology Development Fund (“TDF”) and is a subsidiary of EFG-Hermes, recently lead a Series A investment round in Offerna, Egypt’s first group buying site.

Established in March 2011, Offerna provides its customers with deals that feature discounts of 50-90% for various products and services, in return guaranteeing merchants a minimum number of buyers.

Offerna competes with regional group buying sites such as GoNabit which was acquired by living social and Cobone which is part of Jabbar group. Offerna which currently focuses on the Egyptian market is planning a regional expansion.

Offerna is lead by Abdullah Assal, founder and CEO, who returned to Cairo after completing his MBA at Stanford to bring the group-buying model to Egypt. Offerna’s founding team includes also Sinan Khatib, previously Director of Business Development at BuyWithMe, one of the leading U.S. group buying sites, Yasser Lotfy, previously manager of Etisalat Misr’s Mass Market Revenue and Retention, and Tamer Adel, regional e-commerce expert.

Offerna is TDF’s fourth investment in e-commerce-related companies, recently the VC invested in nefsak. Through its e-commerce investments, Ideavelopers aims to build a network of companies that not only jump start e-commerce in Egypt, but also allow for Ideavelopers’ companies to benefit from portfolio company synergies.

EFG-Hermes was one of the early investors in Maktoob around the year 2000, Maktoob was acquired by Yahoo in 2009.