Technology Startup POSRocket Raises $1,500,000 in Funding Round

POSRocket, a startup providing point of sale systems (POS) to growing businesses, raised $1.5 million in a funding round by capital fund Algebra ventures, with participation from KISP Ventures, Arzan VC, Financial Horizon Group, and two angel investors.

The company develops cloud-based POS software for restaurants and retailers in Egyptian and Jordanian markets, and it plans to use the acquired investment to expand further in the MENA region. “This round is all about leverage and scale,” says Zeid Husban, POSRocket founder, and CEO.

“For us, it’s not only about sales totals, items in stock, or payments processed; it’s more than that. We’ve managed to introduce a new dimension to the point-of-sale by experimenting with advanced technologies like machine learning and blockchain,” added Husban.

Algebra Ventures’ Managing Partner Ziad Mokhtar said, "Technology and the internet are changing the way restaurants and shops are doing business. Traditional barriers to collaboration are disappearing. POSRocket is laying the technological foundation that will allow this to happen," says Mokhtar.

POSRocket was founded in 2016 and its software supports growing businesses by optimizing staffing, regulating inventory, generating sales reports, and allowing owners to remotely monitor all operations in real time.

Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies. Its investments include Eventtus, Elmenus, GoodsMart, La Reina, and Filkhedma.

Photo credit: POSRocket's Facebook page.