Minly Raises $3.6M for Celebrity-Fan Connections | TechCrunch

The Rise of the Creator Economy in MENA and Minly's $3.6 Million Seed Round

Over the last few years, a notable shift has occurred as creators increasingly embrace digital and social media platforms. These are no longer simply supplementary tools for their media presence, but rather fundamental components of their personal brand identity.

The recent pandemic undoubtedly served as a catalyst, accelerating trends within the creator economy. Numerous artists and prominent figures were compelled to postpone concerts and live performances, leading them to utilize social media as a primary means of engaging with fans and continuing their activities.

Minly Secures Seed Funding

Today, Minly, a creator economy platform based in Egypt, has announced the successful closure of a $3.6 million seed funding round. This investment aims to empower stars throughout the MENA region to forge genuine, personalized connections with their fanbase.

The round, which Minly reports was oversubscribed, was jointly led by 4DX Ventures, B&Y Venture Partners, and Global Ventures. Additional participation came from unnamed regional investment funds and prominent angel investors, including Scooter Braun, founder of SB Projects; Jason Finger, co-founder of Seamless and GrubHub; Anthony Saleh and Jeffrey Katzenberg of WndrCo; Arieh Mimran of Groupe Mimran; and Tamim Jabr.

Addressing Shortcomings in Social Media Engagement

Industry analysts indicate that time spent on social media within the MENA region now exceeds time spent watching television. However, a key limitation of current social media platforms is the often impersonal and mass-produced nature of content.

Creator posts frequently lack personalization, which can diminish the fan experience and restrict the potential avenues for monetization. This is the challenge Minly seeks to address.

How Minly Facilitates Authentic Connections

Founded last year by Mohamed El-Shinnawy, Tarek Hosny, Tarek ElGanainy, Ahmed Abbas, and Bassel El-Toukhy, Minly provides creators with the tools necessary to cultivate “authentic connections” with their most dedicated fans on a scalable basis. “Our ultimate goal is to deliver tens of millions of unique, unforgettable experiences to fans annually,” stated El-Shinnawy to TechCrunch.

El-Shinnawy, possessing over 15 years of experience in media and technology, serves as Minly’s Chief Technology Officer. He previously sold his first company, Emerge Technology, to a U.S.-based media organization. Furthermore, he contributed to the global expansion of Apple TV+, Disney+, and Netflix into the MENA region, while also working with major Hollywood studios like Sony Pictures, Universal, Disney, Fox, and Warner Brothers.

Rapid Growth and Notable Partnerships

Since its launch late last year, Minly has experienced substantial growth, amassing over 50,000 users. The platform boasts an impressive roster of popular regional celebrities, including actors and athletes such as Fifi Abdou and Mahmoud Trezeguet, as well as musicians and online influencers like Assala Nasri and Tamer Hosny.

Through the platform, fans can purchase personalized video messages and shoutouts from these celebrities, fostering a more intimate connection.

El-Shinnawy emphasized, “We believe we have already distinguished ourselves from other creator economy platforms in the region by offering the most comprehensive star catalogue and a superior user experience. Our team is dedicated to expanding this advantage even further.”

Real-World Examples of Fan Engagement

Examples of successful celebrity-fan interactions on Minly include actress and dancer Fifi Abdou sending a personalized message to a devoted fan with Down syndrome, and Egyptian singer Tamer Hosny making a surprise appearance at the engagement party of two fans in March.

Minly's Revenue Model and Charitable Initiatives

Minly generates revenue by taking a small commission on transactions facilitated through its platform. The majority of the transaction value, though the specific figure remains undisclosed, is paid directly to the creators.

Additionally, Minly encourages celebrities to donate a portion of their earnings to partner charities on the platform.

Investment Rationale and Market Opportunity

Pan-African VC firm 4DX Ventures’ investment stems from Minly’s ability to create personalized experiences. Peter Orth, co-founder and general partner at 4DX Ventures, who will join Minly’s board, stated that the company is fundamentally reshaping the relationship between celebrities and fans in the MENA region.

He added, “The team possesses both the ambition and the expertise to construct a full-stack digital interaction platform that has the potential to transform how digital content is created and consumed in the region.”

The Expanding Creator Economy

The creator economy has surpassed $100 billion in value this year and continues to experience impressive growth. The rate of content creation is expected to accelerate, as surveys reveal that careers such as YouTuber, TikTokker, or vlogger are among the most desired professions for Gen Z.

Leading venture capital firms, including Andreessen Horowitz, Kleiner Partners, and Tiger Global, have also recognized this growth, contributing to the more than $2 billion invested in creator economy platforms this year.

MENA as a Key Growth Region

In MENA, Minly faces a significant opportunity. The region is home to over 450 million people, with 30% falling within the 18-30 age bracket. This demographic is known for its strong connection to social media, and El-Shinnawy anticipates that MENA will soon contribute substantially to the overall creator economy.

Minly’s ambition is to capture a substantial share of this market and evolve into a multibillion-dollar, category-leading company. The platform is well-positioned to achieve this, given the limited presence of established competitors in the MENA region and its access to meaningful venture funding.

“The creator economy is still in its early stages and expanding rapidly. We have the potential to establish the first unicorn in this space within MENA,” the CTO concluded.

Future Plans and Expansion

With this new investment, Minly is focused on expanding its local celebrity acquisition teams in Egypt and other parts of MENA and the GCC, where it has already seen considerable success. The company will also increase its engineering team to develop additional products and build a comprehensive creator platform.