ON Market, an Egyptian e-grocery marketplace, has acquired $215,000 in pre-seed capital to extend its operations in Cairo, Alexandria, Tanta, Mansoura, and other Egyptian towns.
ON Market, founded by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk in Tanta in June 2020, provides food stores with technology solutions to help them start and sustain online commerce.
The firm, which graduated from the AUC Venture Lab’s acceleration programme in 2021, also links clients with neighbouring grocery merchants via its app, allowing them to place orders from numerous retailers in one transaction.
The pre-seed money comes from a group of angel investors, and it will be used to assist ON Market grow into other locations by 2022. The startup’s CEO, Marzouk, emphasised the distinct value it offers clients.
“Our customers have trust and loyalty to brands and retailers that cannot be easily replaceable. We develop our products in-house to connect them with the retailers they trust and love, where they can follow their latest offers, pricing updates, and product availability. For the first time in the market, we allow them to order from multiple stores by placing only one order and getting it delivered all at once. We’ve surveyed a sample of over 200 customers, and we found that 90 per cent of them prefer to get all their orders at once, even if it’ll take more delivery time, even up to an hour,” he said.
The principal investor, Yasser Alghamdi, believes the MENA grocery industry, which includes Egypt, is promising.
“We believe the team behind ON Market has the necessary experience and mindset to build a remarkable success story, and we’ll support them to achieve that all of us together,” he said.