Egypt’s food delivery app elmenus has raised $10 million in a Pre-Series C funding round by Luxor Capital, Fawry Group and Egyptian property developer Marakez. The investment is Luxor Capital’s first regional deal, it has previously backed global food platforms Zomato, Delivery Hero and Glovo.
The startup will use the funds to expand across Egypt, invest in customizing the app’s user experience and develop data analysis tools to help its restaurant partners build their businesses through a better understanding of customer preferences, Amir Allam, chief executive of elmenus, told The National.
Elmenus is expanding nationally within Egypt and plans to enter other markets in Africa in 2022 and open an office in Dubai to draw more talent.
In February, the start-up secured an undisclosed investment from David Buttress, former chief executive of Just Eat, who joined the company’s board. At the time, he stated, “While elmenus witnessed a 3x growth in 2020 since delivery increased drastically in light of the COVID-19 challenges and more restaurants outsourced their delivering operations, the company is expected to grow 10x in 2021 as it upscales its product and restaurant offerings. It is an exciting time in the company’s evolution.”
Fawry Group contributed $1 million out of the $10 million elmenus has raised so far. Fawry will support the food delivery startup’s digital payments feature to allow it to serve more restaurants and customers via the app.
The pre-Series C funding round is still ongoing and elmenus expects it to close “within the coming months”, Mr Allam said.
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