Egypt-based elmenus, has raised $8 million in its Series B funding round, led by UAE-based venture capital fund, Global Ventures and Egypt-based Algebra Ventures, with participation from Tarek Sakr and Hamad Al Homaizi.
The foodtech startup, which focuses on personalising food recommendations on its online food ordering platform was founded in 2011 by chief executive officer (CEO) Amir Allam. The company previously raised $1.5 million in its Series A funding from Algebra Ventures in 2017. It recently launched its own delivery fleet service, and has expanded its team from 20 to 200 employees.
“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 Allam.
According to Allam, the online food delivery space is an untapped market in Egypt, where only 4 per cent of total food delivery orders are currently processed online, and the main competition is with phone orders.
“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,” states Basil Moftah, general partner at Global Ventures.