Egyptian on-line grocery startup Tawfeer Market raises $500k seed spherical
Tawfeer Market, a web based grocery retail startup working from Egypt’s second most populous metropolis Alexandria, has raised a US$500,000 seed spherical to assist it construct on spectacular early progress.
Launched in direction of the tip of 2019, Tawfeer Market permits customers to seek out and buy groceries by way of app, which it then has delivered by way of its achievement arm. The fast commerce app has been downloaded greater than 100,000 occasions thus far, with tens of 1000’s of orders rising at a gentle two-digit fee month-on-month.
To assist it proceed to develop, and to develop past Alexandria, Tawfeer Market has closed a US$500,000 seed spherical with contributions from the Alexandria Enterprise Angels Community. The startup additionally not too long ago took half within the AUC VLab acceleration programme.
In accordance with the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is big, exceeding US$50 billion, however the market in Egypt nonetheless lags behind.
“The way forward for on-line grocery retail in Egypt is anticipated to develop exponentially, leaving room for a lot of gamers to satisfy completely different wants. Retail grocery customers search three fundamental standards: selection, comfort, and value. Tawfeer Market tries to supply the proper method that fulfills client wants within the majority of their orders, providing probably the most generally ordered 4,000 SKUs, together with recent and frozen meals, on the lowest value inside 60 minutes,” he mentioned.