Young entrepreneurial brothers Rami, Ahmed, Tareq, and Amr Fawzy secured a Series A investment from Egypt’s largest VC, Algebra Ventures.
GoodsMmart, the online grocery service founded in 2014 in Cairo, has just announced that it raised a $750,000 round of investment from Algebra Ventures, one of the country’s largest venture capital funds in Egypt which launched earlier this year after securing a massive $ 50 million fund for entrepreneurs.
The startup, which was one of Cairo Scene’s 25 under 25 in 2015, secured this series A investment, aiming to grow its operational capacity, increase service coverage in Cairo, and raise awareness of the service. Tarek Assaad, Managing Partner at Algebra Ventures and Marakez CEO, Ahmed Badrawi will join co-founders Rami and amr Fawzy, bringing their experience to join GoodsMart board of directors.
“For the past two years, we have been working on perfecting the business model, listening to our customers and relieving all the pains and constrains they have related to the grocery delivery service in Egypt, adding more flexibility, convenience and peace of mind to the experience,” Amr Fawzy told Reuters.
Earlier this year, in an interview with Startup Scene, Ramy Fawzy had announced a partnership with Sodic, as he announced good news to come. Their application – along with its now trademark big, brown, insulated boxes – allows customers to browse premium grocery and home products and order them from different shops, with all orders delivered overnight.
The Algebra Ventures fund plans to invest in up to 25 technology and technology-enabled startups in different areas including FinTech, industry platforms, core tech, e-commerce, business software and consumer internet. The investments will predominantly be in the range of $ 500,000 to $ 4 million.
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