WOMENA Angel Group Invests in Blockchain Rewards Platform Loyyal

Loyyal a blockchain-based loyalty and rewards platform - Sean Dennis

Just over three months after WOMENA invested in Bayzat and Souqalmal, the Dubai-based angel group kicked off 2017 by investing in the latest funding round of Loyyal, a blockchain-based loyalty and rewards platform.

Loyyal leverages blockchain and smart contract technology to provide a network for incentivising commercial and non-commercial transactions. Their first application of the technology is in the loyalty and rewards industry to solve a clear commercial challenge; high fragmentation and user dissatisfaction in the current marketplace.

“They have a very strong team solving an old problem with new technology. The market for rewards programs is very big and Loyyal has already gained some traction from big potential clients,” said Elissa Freiha, Managing Director, WOMENA. “We are excited to be joining in the blockchain revolution with this investment – the 7th investment for our network. Not only is this a revolutionary model but also a product that our members and consumers around the world will surely use,” she added.

Headquartered in New York with a subsidiary in Dubai, Loyyal is one of the successful Dubai Future Accelerators (DFA) alumni who secured a pilot program with the Dubai government.

According to the announcement, Loyyal is deploying its proprietary and patent pending blockchain and smart contract infrastructure solution to re-map the way the Dubai Holding’s businesses interact with consumers and each other. The pilot will focus on The Jumeirah Group and TECOM Group, bringing together disparate loyalty schemes and separate businesses to unlock undiscovered relationship value and demonstrate the network effect opportunities of using the common ledger and distributed trust capabilities of blockchain.

Sean Dennis, Co-Founder and Chief Happiness Officer of Loyyal, said “With the amount of work we are getting in the region and a very positive pipeline of interested clients, we are now opening up an office here in Dubai and will have a permanent team on the ground. We will also make sure to maintain relationships with our new DFA ‘family’ and we are very much looking forward to the future and the growth of Loyyal in the region and globally.”

This marks WOMENA’s first investment in the blockchain sector. The investment was made together with Hayaat Group and other individuals.

WOMENA’s Elissa Freiha On Why The Arab World Needs More Women Entrepreneurs

Elissa Freiha, angel investor and founder of WOMENA, spoke to Inc. Arabia about entrepreneurship in the MENA region. Shot at Step Conference 2016 in Dubai.

Source: Inc Arabia

WOMENA Angel Group Announces Two New Investments in the MENA Region

WOMENA, a Middle East based angel group has recently completed two more investments in companies Bayzat and Souqalmal, bringing the total amount invested since launch to $462,000. With these two deals, WOMENA has increased the value of investments made in 2016 by 400% compared to 2015’s investments.

WOMENA Angel Group Bayzat Souqalmal

Bayzat is a cloud-based platform that targets the UAE’s $9.1 billion insurance industry by offering a technology solution that simplifies the process of finding the most suitable medical insurance. WOMENA joined in on a $3.5 million funding round led by VC firm, Beco Capital.

Souqalmal is the Middle East’s leading financial comparison website, allowing users to compare a wide range of products and services from credit cards to nurseries. WOMENA participated in Souqalmal’s bridge round.

Speaking about WOMENA’s new investments, WOMENA co-founder Elissa Freiha commented, “WOMENA and its investors are very proud of our participation in these new rounds, not only because they are both great companies situated in fast growing markets, but also because they are the latest stage deals that we’ve participated in this far. These investments demonstrate our maturing investor base, and gives us confidence that we’ll continue to increase the number and value of our investments in 2017.”

The urgent need for angel investors in MENA’s ecosystem has been recently been highlighted in MAGNITT’s finding that 47% of registered startups are looking for angel funding, a need which WOMENA aims to meet through its membership platform, regular pitch meetings and investor education events.

WOMENA is a UAE based group of investors working to support innovation diversity and economic growth in the MENA region through encouraging women to invest in early stage tech companies. WOMENA hosts an angel investment membership platform that provides high net worth women and investors a supportive, professional network and dependable guidance to invest where we facilitate the investment process from sourcing to close. Our goal is to change the trend and empower Middle Eastern women to become investors rather than consumers.