$500k seed funding raised by Egyptian online grocery startup Tawfeer Market
Tawfeer Market, an online grocery retail business based in Alexandria, Egypt’s second-largest city, has secured a US $500,000 seed investment to assist it to continue its rapid expansion.
Tawfeer Market, which launched at the end of 2019, allows consumers to search for and purchase groceries through an app, which are then delivered by the company’s fulfillment arm. So far, the fast commerce software has been downloaded over 100,000 times, with tens of thousands of orders increasing at a consistent two-digit rate month after month.
Tawfeer Market has closed a US $500,000 seed round with donations from the Alexandria Business Angels Network to assist it to continue to develop and extend outside Alexandria. The company has also just completed the AUC VLab accelerator programme.
According to Ahmad Fasseeh, co-founder and CEO of Tawfeer Business, the grocery retail market is massive, topping $50 billion, but Egypt’s market is still lagging behind.
“The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfil different needs. Retail grocery consumers seek three main criteria: variety, convenience, and price. Tawfeer Market tries to offer the right formula that fulfils consumer needs in the majority of their orders, offering the most commonly ordered 4,000 SKUs, including fresh and frozen food, at the lowest price within 60 minutes,” he said.
