The Egyptian-based media and entertainment startup Minly led by Mohamed El-Shinnawy has acquired the Dubai-based celebrity shout-out platform Oulo for an undisclosed sum.
Minly is a digital platform that allows celebrities to connect to fans through personalized experiences. It was founded in 2020 by Ahmed Abbas, El-Shinnawy, Tarek El-Ganainy and Tarek Hosny.
Meanwhile, Oulo is a video-gifting platform featuring more than 300 celebrities across Jordan, Iraq, Saudi Arabia and Lebanon. It permits users to purchase personalized video messages and shout-outs from their favorite celebrities. It was founded on Sep. 18, 2019 by Kamal Nazha.
The acquisition comes six months after the company raised a $3.6-million seed round.
Data gathered by Billionaires.Africa shows that the company has received $4.3 million in funding from about 14 investors since it launched in 2020.
The firm has recorded impressive growth in the number of users and celebrities on the platform over the last year, with more than 1,000 celebrities and 130,000 users in the period under review.
The Minly-Oulo deal is the second major acquisition between an African and a Gulf Cooperation Council (GCC)-based startup this year. In November, the Nigerian health startup Helium Health similarly acquired the Qatar-based doctor-booking startup, Meddy.
The acquisition is part of a strategic initiative by Minly to expand its market reach in the Middle East, North Africa and the GCC.
In this vein, the acquisition could result in new business opportunities for Minly, strengthening its geographic breadth and product offerings. The merged business will operate under the Minly brand.
As part of the deal, Nazha, Oulo’s founder, will join Minly as its new chief commercial officer.
