Ramallah-based Receet, has secured a six-figure pre-series A investment round, led by Ibtikar Fund, with participation from Paltel Group.
Through its mobile app, Receet allows customers to receive digital receipts straight to their phones without disclosing their email addresses or phone numbers to the merchants.
“This funding will help us focus on sales throughout Mena [Middle East and North Africa],” explained Omar Barkawi, founder and chief executive officer at Receet. “We will build on the momentum from our recent participation in the Dubai Smart City acceleration programme and continue to sign agreements with leading [point of sale] system providers in the region and beyond.”
The app also helps retailers improve their operations by enabling them access to data-driven insights on consumer behaviours. It also helps them cut down on printing costs and most importantly paper waste -which is a major environmental issue.
“In the year since our initial investment, Receet has finalised a great product, which is now being used in several countries in the Arab world. Receet has signed contracts with major point of sale (POS) system providers to provide Receet to their clients, and is now offered through leading global POS systems, like Square, iZettle, RetailPro, Foodics, POS Rocket and others, which serve over one million clients around the world,” said Habib Hazzan, managing general partner at Receet.