Dubai-based customer engagement and loyalty tech start-up Yegertek gets funded by NB Ventures, raising valuation to USD 6.25 million
In a move that will further boost Yegertek, a dynamic Dubai-based customer engagement, employee engagement, and customer loyalty solution provider; the company has been awarded funding of an undisclosed amount, from GCC and India focused Venture Capital firm NB Ventures. The funding has resulted in Yegertek being valued at USD 6.25 million and this will supercharge the next phase of Yegertek’s growth.
Yegertek, a Dubai based customer experience and loyalty tech solutions provider, and a star performer in this space with several high-profile customers within the region and beyond – has received funding of an undisclosed amount from GCC and India focused Venture Capital firm NB Ventures, which is led by Dubai’s retail and technology investor, Neelesh Bhatnagar. A passionate follower and patron of sports, Neelesh is also the owner of the Delhi Bulls, one of the leading Cricket franchises that is part of the Abu Dhabi T10 league.
Yegertek, which derives its name from the German word for warrior, leverages the Microsoft CRM ecosystem; emerging technologies in Machine Learning, AI, Chatbots and Beacons; as well as an evolved strategic approach. The company has made a rapid transition from rising star to market leader, since its inception in 2017. A disruptor and challenger in developing and delivering data-led CRM, eCommerce, and Mobility solutions – with a customer experience and loyalty focus – Yegertek’s impressive list of clients includes Harvey Nichols in Qatar; eCabs – the leading cab hailing service in Malta; a leading casual dining restaurant across the GCC; leading jeweller headquartered in Dubai; to name a few.
“With a constantly increasing portfolio of high profile clients driving our rise, the funding from NB Ventures comes at the perfect time for Yegertek”, says Sajid Azmi, Founder and CEO of Yegertek. “Businesses are realising the power of engaging effectively with loyal customers and employees, using appropriate digital tools that leverage state-of-the-art technologies. Yegertek is positioned to justify the faith of prominent investors, such as NB Ventures, and the influx of this latest funding will serve as the catalyst for the next phase of Yegertek’s growth, within the region and beyond”.
“Application of emerging tools and technologies in Machine Learning, AI Driven Analytics, Chatbots, and Beacons – coupled by the growing focus on keeping customers at the centre of innovation – will allow businesses to bridge the gap between “customer wants” and “corporate expectations” across the UAE and the MENA region as whole, which is a key driver of our product portfolio strategy. For us, further investment in this vision, to enable our clients to offer their customers an unparalleled experience, takes inspiration from and is in line with the ‘Towards the Next 50’ directives by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai ”, adds Zain Shaikh, Co-Founder and Chief Operating Officer at Yegertek.
A Venture Capital firm with a history of making moves purely based on calculations, and meticulously crunched numbers, and a sharp acumen for identifying disruptive start-ups, NB Ventures is known for picking winners – underscored by their history of backing startups such as India-based Bigspoon, Teabox, Webengage, and Sirona Hygiene; Canada’s KloveChef (IOK Labs); Dubai’s own Clip the Deal; and many more. Helmed by Bhatnagar, who has gained a sterling reputation for being the ultimate numbers man, while also factoring in the transformative potential of “passion investments”; the funding from NB Ventures will serve as a resounding endorsement of the massive market potential of Yegertek’s innovative engagement solutions.
Talking about the funding, Neelesh Bhatnagar shared his faith in Yegertek’s innovation driven approach. “NB Ventures has always backed startups and companies that leverage technology to differentiate themselves. We see such innovators as particularly relevant in the new normal; when accelerating economic growth is even more of a priority than usual. Investing in a Dubai based startup, with young and forward thinking founders like Sajid and Zain, was a no-brainer for us”.
“My association with the consumer electronics retail brand Emax gave me a hands-on understanding of the transformative influence that customer loyalty and engagement can have, and the tech-enabled tools that Yegertek has developed, allow businesses to maximize that impact. The reason behind us selecting Yegertek for funding is simple; we see their solution as having the potential to dramatically empower growth, across business verticals, in the region”, he asserts.