Egypt: Online grocery service raises $3.6m funding led by Sawari Ventures
Egypt-based online household shopping service, GoodsMart, has raised additional funding of $3.6 million, led by Sawari Ventures, to accelerate market expansion.
The company launched in 2014 as a grocery shopping application with unattended delivery service.
Unlike most online grocery startups across the region, GoodsMart’s model is quite different, by enabling households to sign up and receive groceries on a regular basis, delivered in a pre-installed box at their doorstep. Clients put in their order before 9pm and they will find the orders in the pre-installed box when they wake up in the morning. They are also able to customise their delivery frequency and order their groceries from a wide range of suppliers.
GoodsMart will be using the investment to further accelerate its expansion across the market and to expand its team. GoodsMart is now covering West Cairo and will be expanding in a couple of months to East Cairo having successfully closed various deals with different suppliers and real estate developers.
“We started in 2014 with a vision to re-invent grocery shopping. Our biggest success is the emotional bond we managed to create with our clients; listening to them was and will always be the secret recipe,” Amr Fawzi, the CEO and founder of GoodsMart states.
“The demand for online grocery delivery has been exponentially increasing,” said Hany El Sonbaty, managing partner at Sawari Ventures. “GoodsMart has managed to disrupt the market by providing a seamless innovative solution for consumers that will shape the future for this sector.”
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.