Fresh funds for Zeal: Egyptian-UK fintech player Zeal has raised some USD 4 mn in afunding round led by MENA-focused Raed Ventures and London-based Cur8 Capital, as well as a number of strategic angel investors, the company said in a statement(pdf).

Zeal? Founded in 2019 by Omar Ebeid (LinkedIn) and Bellal Mohamed (LinkedIn) in London, the startup — headquartered in London with its operations office set up in Egypt — offers brands a variety of tech solutions for payments and AI-generated insights on consumer behavior. Its flagship product, the SmartPOS Plugin, allows credit card machines “to identify, segment, and retarget in-store customers, transforming the way physical retailers engage with and retain their clientele.”

** We spoke to Ebeid about all things Zeal back in 2022 for our founder of the week column.

Where is the money going? The funds will help Zeal utilize AI, expand its portfolio, and help itfacilitate the process of integrating with point of sale terminals. The team also has plans “to build advanced data and analytics solutions for fast-moving consumer goods companies (FMCGs) and telecom sectors,” the statement added.

Expansion is also on the cards: Zeal wants to expand its reach across Europe, the MiddleEast, and Africa, with an eye on Cyprus, Greece, Saudi Arabia, and the UAE, specifically, Zeal’s head of marketing Mohamed Fawzi told Enterprise. The funds raised will help it carry out those plans.

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