Brate Receives $400K from NY-Based Angel Investor
This May, Brate, the search engine with a rating option that is based in Beirut Digital District, secured $400,000 in capital by a New York angel investor, part of a seed financing round.
The website and free-of-charge app helps users find out trending products, services, or places. Brate allows sellers to post items, with their contact details and website links, and users to post and review items and places.
Over the last year, Brate has seen triple digit growth of over 200% with 1 million users in 2015. Today, the platform is valuated at $6 million and aims to continue to grow its current user-base in 10 MENA countries, UK, and the United States.
To differentiate themselves in the sector, Brate decided to offer search by individual products and characteristics, and add location to the search results. Once users find what they’re looking for, they can either connect with businesses online or choose to visit the nearest offline store selling those products using map directions.
Furthermore, since its launch in February 2012, Brate has taken steps to improve its rating system, based on user feedback. Today it allows users to rate by more specific categories such as food, cleanliness, and service. The platform is currently available in Arabic, English, and French.
Brate will also use the additional financing to continue regional expansion, introduce all-new consumer platforms, launch Brate for Businesses across 15 markets, invest in growing the team, and create strategic partnerships.
Last year, Brate was chosen by UK Lebanon Tech Hub as one of the 15 finalists who qualified for a 6-month training and individual mentoring in London. They received financial support for development purposes, and networking opportunities with partners and investors for a chance to apply for additional funding.