[Egypt] Food delivery startup Elmenus raises $8m series B funding
Egyptian food delivery tech startup elmenus has raised $8 million Series B funding round. The round was co-led by UAE-based VC fund, Global Ventures, and Egypt’s Algebra Ventures.
“We are incredibly excited to announce Global Ventures’ investment in a leading food-tech startup such as elmenus, and look forward to working closely with the team in terms of driving further value creation opportunities that result in continued growth,” Basil Moftah, general partner at Global Ventures said.
Elmenus was founded in 2011 by CEO Amir Allam and has grown fast to become a leader in food discovery, ordering and delivery sector in Egypt. It is a unique AI-powered food recommendation engine and fully automated online ordering platform.
“We believe our success as a startup is a combination of innovatively solving the right user problems, great team, and laser-focused execution. We have been able to grow the market in Egypt and accomplish great milestones very efficiently, we are excited about what we will do with this additional funding and the support of Global Ventures coming on board as we continue to scale across Egypt and help millions of more users to discover and order the food they will love.” said Amir Allam.
This is not the first time that Algebra Ventures is also investing in the elmenus. In 2017 it invested $1.5 million in Series A round.
“With their first raise of US$1.5 million, elmenus proved our original investment thesis that a strong local player with a broader offering can have disproportionate achievement. The company has unique efficiencies and this round could be enough to secure its leadership in the rapidly growing digital market in Egypt,” said Ziad Mokhtar, managing partner at Algebra Ventures.
Tarek Sakr and Hamad Al Homaizi, both prominent entrepreneurs that partially exited 4Sale, a Kuwait-based classifieds platform last year participated in this new round.
The startup intends to use this new investment to further expand across Egypt.