Egypt-based superstar platform Minly acquires Dubai’s Oulo to consolidate its place within the GCC – •
Minly, a MENA-based media and leisure startup, introduced at this time that it has acquired Oulo, a Dubai-based superstar shoutout platform, for an undisclosed payment.
The acquisition is coming six months after Minly raised a $3.6 million seed spherical and off the again of a formidable yr of development that noticed the platform — which connects followers with athletes, musicians and stars by personalised experiences — purchase 130,000 customers and 1,000 celebrities in over a yr.
Oulo, alternatively, is a video gifting platform with greater than 300 celebrities throughout Lebanon, Jordan, Iraq and Saudi Arabia. The corporate was based in 2020 by Kamal Nazha.
The merged enterprise will function below the Minly model and roll out its mixed expertise choices throughout the GCC area. And as a part of the transaction, Nazha will be a part of Minly because the chief industrial officer.
There are over 450 million folks within the MENA area. One out of three are between the ages of 18 to 30 — a gaggle with a deep connection to social media and quick contributing extra to the worldwide creator financial system. Minly is optimizing its resolution to seize a budding viewers within the MENA area.
When Minly CEO Mohamed El-Shinnawy, spoke to • in June, he talked about that the corporate was doubling down on constructing native superstar acquisition groups throughout MENA and the GCC. One wouldn’t have interpreted his assertion as an enlargement relatively than a literal acquisition play.
“While Minly’s enlargement within the GCC market was doable with out Oulo, this acquisition has considerably accelerated our enlargement there,” El-Shinnawy mentioned when requested why the corporate acquired Oulu as an alternative of increasing by itself. “Our mission is to grow to be the primary creator financial system platform within the area, and velocity to market is important to attaining this.”
He said that the acquisition provides important belongings to Minly — Oulo’s roster of tier-1 pan-Arab Levantian stars, its strategic partnerships and staff who can help Minly’s present staff, each within the Levant and past.
“Traditionally, the vast majority of pan-Arab celebrities had been both Egyptian or Lebanese. Due to this fact, combining forces unlocks immense synergies as, collectively, we dominate the 2 most vital sources of cultural content material,” mentioned Nazha.
Minly says that following the acquisition, the corporate’s major targets are to launch new complementary merchandise, deepen its roster of stars and develop its geographic attain through an elevated presence in different MENA and Arabic-speaking nations.
“We’re the clear alternative for stars within the area seeking to create unforgettable, genuine digital experiences with followers. This acquisition will widen the hole, because the Oulo staff shares the identical mission and keenness.”
The Minly-Oulo deal is the second main acquisition between an African and a GCC-based startup this yr. A month in the past, Meddy, a Qatar-based physician reserving startup, was acquired by Nigerian well being tech startup Helium Well being in an undisclosed deal that noticed Meddy providers folded into its dad or mum firm’s digital healthcare ecosystem.