Tookees receives $1.5 million in funds for technical development. Tookeez, a Moroccan startup dedicated to leveraging blockchain technology to enhance the loyalty programs ecosystem, has successfully raised $1.5 million in a recent fundraising round.
The investment was led by Azur Innovation Fund, a public-private seed capital fund based in Casablanca, Morocco.
Tookees Receives $1.5 Million in Funds
The startup, Tookeez, has announced its plans to utilize the recently secured funds to expand its operations into Morocco and the MENA region. A significant portion of the investment will also be allocated to the technical development of its blockchain technology system. Following this expansion phase, Tookeez aims to further extend its reach into other African countries by 2026, with the goal of attaining 4 million active members by 2028.
Founded by Hicham Amadi and sisters Wiam and Siham Elmejjad, Tookeez addresses the challenges inherent in traditional loyalty point systems, thereby revolutionizing the loyalty program ecosystem. While loyalty programs typically reward customers for their patronage, the accumulation of points is often slow and redemption processes are cumbersome.
How Tookeez Works
In response, Tookeez aggregates loyalty points from various brands and stores them in a unified wallet, enabling users to seamlessly transact across a diverse network of participating stores and brands.
Additionally, brands leverage Tookeez to empower their customers to make purchases using accumulated points. Users engaging in multiple loyalty programs can also leverage Tookeez to convert points between different programs through its extensive partner network.
Tookeez Faces Competition from Other Loyalty Program Startups
In the Moroccan market, Tookeez faces competition from other loyalty program startups such as WafR and Advantages Enterprises. Despite the competitive landscape, Azur Innovation Fund expressed pride in partnering with Tookeez, acknowledging the startup’s transformative impact on the customer loyalty ecosystem.
Adnane Filali, President of Azur Innovation Fund, emphasized their commitment to supporting entrepreneurs who drive significant positive change, noting that Tookeez epitomizes this vision.
The Loyalty Market in Africa and the Middle East
The loyalty market in Africa and the Middle East is experiencing substantial growth, with projections indicating that it will reach $6.48 billion in 2024. Over the period from 2019 to 2023, the market witnessed a Compound Annual Growth Rate (CAGR) of 12.1%.
This growth trajectory is expected to persist, with forecasts indicating a CAGR of 9.7% between 2024 and 2028. This underscores the immense potential for innovative solutions like Tookeez to thrive in the region’s evolving loyalty landscape.
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