Tawfeer Market Raises $500,000 in a Seed Round

Tawfeer Market Raises $500,000 in a Seed Round

Tawfeer Market, the emerging online grocery retail startup operating from Egypt’s second most populous city, Alexandria, has raised half a million USD closing its seed round with contributions from Alexandria Business Angels Network. The quick commerce app, which started delivering groceries to customers in 2020, became an established brand in the Alexandrian community.

Tawfeer Market app was downloaded on more than one hundred thousand devices in about one year, with tens of thousands of orders growing at a steady two-digit month-over-month growth. Recently Tawfeer market completed the AUC Vlab acceleration program. The name Tawfeer, meaning savings in Arabic. Co-founder and COO of Tawfeer Market Mohamed Mansour emphasized that Tawfeer Market relies on its fulfillment centers and delivery fleet.

According to the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is enormous, exceeding 50 billion USD. Egypt’s online grocery retail market share is still way below global averages and even behind other e-commerce sectors in Egypt. The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfill different needs. He added that retail grocery consumers seek three main criteria: variety, convenience, and price.

Tawfeer prides itself for being able to deliver orders within Alexandria within 60 minutes, and you really can’t beat them on that.

Khaled Akl
Board member, Tawfeer

Tawfeer Market tries to offer the right formula that fulfills consumer needs in the majority of their orders, offering the most commonly ordered 4000 SKUs, including fresh and frozen food at the lowest price within 60 minutes.

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