Bahrain-based food delivery and customer loyalty platform Ahlan has raised $3 million in its first investment round led by Bahrain’s Hope Ventures, the startup announced in a statement on Monday. The round valued the startup at $15 million and was also joined by Al Rajhi Holding and some angel investors.
Founded in 2021 by Faisal Rashed, Ahlan offers users cashback rewards when they order food, flowers, chocolates, or other products available on its platform. The platform allows users to place orders for dine-in, pick-ups, or home delivery.
According to its website, the cashback is at least 5 percent of the value of the order and can be used within two months, on any restaurant, or other shops available on Ahlan’s platform.
For the users, the proposition is saving money by earning cashback credits; and for the restaurants and other businesses on the platform, its increased engagement and retention of customer.
The startup claims to have served over 200,000 customers since its launch in 2021, rewarding them with cashback credit of $10 million to date. It is not clear how much of this $10 million in cashback was actually redeemed by the users. Ahlan has over 1,400 vendors, mainly restaurants, on its platforms, it said in a statement.
Faisal Rashed, the co-founder of Ahlan, commenting on the investment by Hope Ventures, said, “It is a significant vote of confidence in our mission to enhance people’s experience with loyalty programs in the region and solidifies our position as a trailblazer in the loyalty program and delivery platform space.”
“With their support, Ahlan App is eager to expand its existing offerings and explore tech products that support the F&B industry, such as point-of-sale solutions and other B2B platforms,” he added.
Fajer Saleh Alpachachi, General Manager at Hope Ventures, said, “Our decision to lead this investment round reflects Hope’s belief in Ahlan’s vision and the immense potential of its platform. We look forward to working closely with Ahlan to enhance their product and platform offerings, expand their reach, and forge strategic partnerships with key stakeholders.”
“A key driver for Hope’s investment in Ahlan is also to accelerate the growth of local businesses that require delivery services and customer acquisition through an affordable and efficient platform such as Ahlan,” he added.
Egypt’s Koinz and Pakistan’s Pattern are the two other notable players building in this space.
