Egyptian Startup GoodsMart Secures Additional Funding From Algebra Ventures
Egyptian startup GoodsMart has announced it has received additional funding from Cairo based investor Algebra Ventures.
Algebra Ventures, who is excited with the innovative service has reinvested an undisclosed amount in the startup. In April 2017, during GoodsMart Series A Funding, it had USD 750K.
GoodsMart is an app-based grocery store that has transformed the shopping experience and made it more convenient for its clients. It offers its customers a shopping experience using the GoodsMart box, a sleek app, a wallet system for secure payment, and an efficient delivery model. The company offers reliable daily delivery and ensures product safety through its innovative box.
The online shop that has been exploring the unattended delivery in the MENA region has secured the funds from Algebra ahead of its upcoming Series B round.
Amr Fawzi, GoodsMart’s founder and CEO reveals that client happiness is their ultimate goal.
“Every single person on the team works to push client satisfaction to unprecedented levels. This is clearly reflected in our customer testimonials and organic engagement on social media, and in our cohort retention rates of over 70% a year in,” he reiterated.
Fawzi attributes the product stickiness which is the repurchase behaviour shown by their customers, to a laser-like focus on customer experience and a company culture centred on user satisfaction. The distinct and innovative service has proven to be vitally important to customers owing to high customer engagement.
‘GoodsMart is a uniquely innovative company with tremendous upside potential,’ says Tarek Assaad, Algebra Ventures’ Managing Partner.
‘Their customer-centric approach continues to deliver exceptional results. Since we made our first investment, Amr and his team have improved operational efficiency, added key members to the executive team, signed strategic partnerships, and strengthened the company’s technology platform,” adding that they are thrilled to continue supporting GoodsMart even if it means giving beyond the initial investment.
The startup has grown immensely in the last six months and the funds gathered so far will be used to scale the business, upgrade its warehouse facilities, and bolster its operational capabilities.
GoodsMart’s end goal is to see its clients let go of their daily errands, enjoy fresh products daily, and save money. They aim to free up their clients’ time for themselves and for their loved ones through unattended delivery.
Algebra Ventures is a USD 50-million venture capital fund that invests in technology startups that are based in Egypt and the MENA region. It has invested in many transformative companies including HolidayMe, Eventtus, Elmenus, POSRocket, and Halan.