Cairo-based grocery delivery startup, Appetito has secured US$450,000 in seed funding to help drive expansion across Egypt and beyond.
Launched in March 2020 by Shehab Mokhtar, Appetito operates a dark store model, whereby products are sourced directly from manufacturers, stocked in warehouses, and then delivered to household customers and businesses.
Having started with a wide range of private label products serving all areas of Cairo, Giza, and Alexandria with next-day and pre-scheduled deliveries, the company has recently increased its product portfolio to include over 1,000 SKUs from well-known consumer brands, available to customers in less than 60 minutes in selected areas.
Speaking on the recent investment, the Founder and CEO of Appetito, Shehab Mokhtar said, “We’re proud of what we have achieved in just a few months from our launch. We’re privileged to have such prominent investors backing us. With their support and the team we’re building, I’m confident we will be in a leading position in the global race of grocery delivery.”
The funding round was raised by a group of Saudi Arabian Angel investors under the leadership of Ahmed Al Alola, an early-stage investor who was one of the early investors in Nana and Sary, with participation from Afropreneurs Fund, an African early-stage technology fund, and Jedar Capital, a VC firm supporting early-stage startups in the Middle East, Africa & Emerging Asia.
Ahmed Al Alola, one of the startup’s new investors acknowledged that there’s been a radical transformation in consumers’ behaviour post-COVID-19, thereby expanding the grocery delivery market.
“I believe Appetito – with its stellar team – is well-positioned to lead that segment and capture the market by delivering superior experience compared to what is currently available in most of the African space.”, he added.
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