DUBAI, UAE, October 23, 2016 /PRNewswire/ --
CashBasha, a regional e-commerce technology firm founded by Jordanians, recently won the Startup Istanbul 2016 Challenge, coming in first place out of 2,700 startup companies who applied to be part of the event across Asia, Europe, the Middle East and North Africa.
More than 5,000 people attended the event in Istanbul which brought together entrepreneurs, executives from tech and internet companies, and investors from across Asia and Europe.
The process for the award was extremely comprehensive; out of 2,700 startup applications from over 135 countries, 4,000 were shortlisted. Then a startup selection team interviewed and selected the most promising 100 startups who were physically present at the four-day event. Only 50 of them moved on to pitch to investors and competed to be one of 15 finalists that underwent another round of judging by a seasoned panel of experts and investors from firms like 500 Startups, Y Combinator, Abraaj Capital, and others.
Co-Founder of CashBasha, Fouad Jeryes, who received the award on behalf of the company, commented, "Representing the Middle East and Jordan in this global event for startups is truly a testament to the growing e-commerce sector in the region. By receiving this recognition, we hope to serve as an example for all the other Arab startups to continue pursuing their ambitions to solve the problems we face in our corner of the world and raising the innovation bar for the entire region."
Jeryes added, "When we established CashBasha, we set out to fill a specific need in the Middle East market and that was to build technologies to map the local and unbanked mentality to international sites so that customers could shop without the logistical hassles or unpredictability in pricing. Customers can pay for their orders in cash and get their items to their door as easily as if they were in the US."
CashBasha currently serves customers who are looking to shop from Amazon.com's entire US catalog and have it delivered to them in the region.