Finance

Fawry Group leads a $10 million pre-Series C round in Egyptian food delivery platform elmenus

Wednesday, 14 July 2021 12:53
Fawry Group leads a $10 million pre-Series C round in Egyptian food delivery platform elmenus

(Ecofin Agency) - Elmenus, a venture-backed food delivery startup based in Egypt, that serves over 1 million monthly users, has raised $10 million in a pre-series C investment. The funding round was led by Fawry Group with participation from Property developer Marakez, and Luxor Capital.

The fund will be used to expand the platform across Egypt while investing in customizing the app’s user experience and developing data analysis tools that will help its partners build their businesses through a better understanding of customer preferences.

“Fawry is looking forward to its journey with elmenus, working closely with the executive team and entering many ventures together.  By this investment, we show our desire to not only be a payment catalyst but to be a strategic partner to elmenus, its customers, restaurants, and riders. The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change,” said Ashraf Sabry, CEO of Fawry.

With already over 1 million monthly users, elmenus aims to empower 12,000 restaurants across 20 Egyptian cities with new data and tool offerings to boost their businesses by the end of this year.

The Egyptian food delivery platform is funded by nine investors including Global Ventures, Fawry, and Algebra Ventures as lead investors. Since the start of its operations in 2012, the startup has raised a total of $19.5 million in funding with the latest raised from a Series C round yesterday.

Solange Che



 
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