Egypt-based food discovery platform, elmenus, has raised $8 million in a series B funding round led by UAE-based Global Ventures, and Egypt-based Algebra Ventures, with participation from Tarek Sakr and Hamad Al Homaizi. The round takes elmenus’ total funding close to $10 million.
Elmenus was launched in 2011 by CEO Amir Allam as a food discovery platform, with over 8,000 restaurants and cafes. Throughout the years it moved into delivery and scaled from 20 to 200 employees. Currently, the platform serves over 1.2 million monthly active users across 24 cities.
It plans on using the investment to develop its AI-powered food recommendation engine and to grow their fleet further.
“We plan on using the investment to develop our AI-powered food recommendation engine and to grow our fleet further.”Amir Allam, CEO, elmenus to WAYA
In 2017, after raising $1.2 million from Algebra Ventures, elmenus expanded into online food delivery and has been consistently growing in the space.
So far, only 4% of orders are made online, which shows that the online food delivery space in Egypt is a massively untapped market. Glovo recently exited the Egyptian market in an effort by Delivery Hero, one of its main investors and the holding company of Otlob, to consolidate its operations in the MENA region. This leaves an opportunity in the food delivery space for Otlob, Uber Eats and elmenus, the three biggest players in the Egyptian food delivery market, to compete for as more users convert to online food ordering.
About Global Ventures
Other investments by Global Ventures include Mumzworld, Tribal, Kitopi and Spider Silk. While Algebra Ventures has invested in Brimore, Sakr and Al Homaizi are prominent entrepreneurs having partially exited 4Sale, the leading Kuwait-based classifieds platform to NBK Capital last year. Basil Moftah, General Partner at Global Ventures, said, “We are incredibly excited to announce Global Ventures’ investment in a leading food-tech startup such as Elmenus, and look forward to working closely with the team in terms of driving further value creation opportunities that result in continued growth.”
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