$2 M Pre-Series A funding received by Egyptian grocery delivery startup Appetito
Appetito, a Cairo-based dark store grocery delivery service, has acquired US $2 million in a pre-Series A fundraising round to help it grow quickly.
Appetito is a grocery delivery network founded in March 2020 by Shehab Mokhtar that sources items from producers, keep them in warehouses, and sends them to clients via tiny fulfillment centers. Customers can place orders using the company’s website, mobile app, or social media pages.
Jedar Capital, a US-based early-stage VC focused on MENA and Emerging Asia, led Appetito’s US $2 million pre-Series A investment, with participation from Golden Palm Investments, DFS Lab, and a number of famous angel investors and family offices.
The firm, which received a seed investment of $450,000 in April, presently has seven dark storefronts in Cairo, with hopes to expand to 150 by 2024.
“The grocery retail market size in Egypt is valued at US$60 billion. The fact that two percent of it is currently online, creates a massive opportunity for growth betting on the younger generations as 50 percent of the Egyptian population are below the age of 25 years,” Appetito founder and chief executive officer (CEO) Shehab Mokhtar said.
Sherif Nessim, the general partner at Jedar Capital, who also invested in Appetito’s seed round, said he was pleased by the startup’s ability to build an “A-plus” team and foster a positive corporate culture, resulting in a more than 10X increase in order volume and revenue.
“Quick commerce and fast grocery delivery business models have been gaining ground regionally and globally, and I look forward to Appetito’s next phase as they expand to cover more areas in Egypt and start planning for regional growth,” he said.
