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Middle East Venture Partners (MEVP) invests in three companiesPin-Pay, iLevel, and Multilane are set to benefit from financial boostBeirut, Lebanon, Oct. 07, 2010- MEVP has announced three new investments in Lebanese-based companies: Pin-Pay SAL, iLevel SAL, and Multilane SAL.
The funding from MEVP will assist the companies in pursuing regional growth and development plans in addition to extending their product offerings. “We are very pleased to invest in such ground breaking companies in the region, that are at the heart of MEVP’s investment strategy focused on innovation, scalability and targeting regional and global markets” said Walid Hanna Managing Director of MEVP.The companies benefiting from MEVP’s investment are as follows:- Pin-Pay SAL: Network-agnostic wireless payment operators, using a state of-the-art platform allowing customers to make and receive payment via their mobile phone directly into their bank accounts. Its goal is to transform the mobile handset into a payment tool. Visit www.pin-pay.com- iLevel SAL: The first shopper marketing agency in the Middle East, helping sales outlet to optimize the shopping experience of their customers. Shopper marketing is the discipline of influencing the shopper at the point of decision through various marketing techniques. ILevel provides turnkey in-store marketing solutions through research, consultancy and design.
Visit www.i-level.biz- Multilane SAL: An innovative technology firm focused on designing and developing instruments for testing and characterizing optical communication equipment and optical infrastructure equipment.
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Dubai-based leading regional VC Middle East Venture Partners (MEVP) today announced in a statement to MENAbytes that they have invested $2 million in Bykea, a Pakistani on-demand transport, logistics, and payments startup. The investment that was made a few months ago was part of Bykea’s (which was the largest Series A raised by a Pakistani startup).At the time, had said that a Middle Eastern VC had participated in the round without disclosing the name. Saramayacar, Pakistan’s leading VC and an investment firm from Southeast Asia were the other investors in the round. Founded in 2017 by some big names from the ecommerce and logistics industry of Pakistan including Muneeb Maayr, who previously co-founded Rocket Internet’s Daraz (acquired last year by Alibaba), Abdul Mannan, Ishaq Kothawala and Rafiq Malik, Bykea is a super app that offers different services, with on-demand motorbike ride-hailing and parcel delivery being its most popular offerings.The startup claims to have 2 million app users (apparently downloads) and a fleet of over 200,000 driver-partners, which it says is the largest of its kind in Pakistan.
It also enables users to book its services through an Interactive Voice Response (IVR) solution. The users can book any Bykea service by placing a regular call on a phone number (without having a smartphone).“Bykea serves urban hyperlocal needs in country of 200 Million people and differentiates itself from competitors by offering the interface in Urdu which is a language native to the country,” noted the statement. Riyad Abou Jaoudeh, Managing Director at Middle East Venture Partners, in a statement, said, “We are excited to make our first investment in Pakistan through Bykea. We believe there is a strong opportunity to solve major infrastructure problems using technology developed by the Bykea team.”Muneeb Maayr, co-founder and CEO of Bykea, said, “The money will help Bykea in increasing its footprint across the logistics and digitizing of cash payments space within the country, a $35 billion market opportunity.