ON Market e-grocery marketplace raises $215k in a pre-seed funding round

ON Market e-grocery marketplace raises $215k in a pre-seed funding round

ON Market, an e-grocery marketplace has successfully raised $215k from regional angel investors in a round led by Yasser AlGhamdi. The funding will support the startup in expanding across major cities in Egypt: Cairo, Alexandria, Tanta, Mansoura, among others, in addition to scaling their tech solutions. 

The startup was founded in June 2020 in Tanta, by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk. It was also part of AUC Venture Lab’s acceleration program in 2021.

“Our customers have trust and loyalty to brands and retailers that cannot be easily replaceable. We develop our products in-house to connect them with the retailers they trust and love, where they can follow their latest offers, pricing updates, and product availability. For the first time in the market, we allow them to order from multiple stores by placing only one order and getting it delivered all at once. We’ve surveyed a sample of 200+ customers, and we found that 90% of them prefer to get all their orders at once, even if it’ll take more delivery time, even up to an hour,” Moatasem Marzouk, co-founder and CEO of ON Market, said.

ON Market empowers grocery retailers with tech solutions to build and sustain online commerce. Simultaneously, they connect customers through their app with grocery retailers surrounding them enabling them for the first time in the market to order from multiple retailers in a single order. 

“The grocery market in MENA, including Egypt, is promising. We believe the team behind ON Market has the necessary experience and mindset to build a remarkable success story, and we’ll support them to achieve that all of us together,” Yasser Alghamdi, the lead investor, stated.

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