Egypt-based e-grocery company GoodsMart announced that it has secured funding in a pre-Series B round from Algebra Ventures.
This investment comes as GoodsMart prepares to raise its Series B investment round. According to statement GoodsMart, its business has grown three-fold in the past six months and plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.
“We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain...client experience,” said Amr Fawzi, founder and chief executive officer at GoodsMart.
Algebra Ventures previously invested $750,000 in GoodsMart’s Series A funding round in April 2017.
“Since we made our first investment, Amr and his team have improved operational efficiency, added key members to the executive team, signed strategic partnerships, and strengthened the company’s technology platform,” said Tarek Assaad, managing partner at Algebra Ventures. “We are delighted to continue supporting GoodsMart beyond our initial investment.”