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Elmenus, the Egyptian startup that is fast-becoming a leader in the food discovery, ordering, and delivery sector, has secured USD 8 Mn in funding in a Series B round co-led by UAE-based VC fund, Global Ventures, and Egypt’s Algebra Ventures.
Founded in 2011 by CEO Amir Allam, and having previously raised USD 1.5 Mn in Series A funding from Algebra Ventures in 2017, Elmenus has achieved rapid success.
Since its founding, the startup has launched online ordering operations and, more recently, its own fleet service while also scaling from 20 to 200 employees, attracting top-tier talent, experiencing double-digit growth monthly, and eliminating that “What to eat today” concern for many people.
“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,” states Basil Moftah, General Partner at Global Ventures.
With its foundation of loyal users built via a comprehensive platform targeted to enable users to discover and order food online (app and website), elmenus has grown rapidly within the Egyptian market.
The startup claims to have onboarded over 8,000 restaurants and while serving approximately 1.2 million monthly active users in a short period. And this would have had a bearing on the Series B raise.
“With their first raise of USD 1.5 Mn, Elmenus proved our original investment thesis that a strong local player with a broader offering can have disproportionate achievement. The company has unique efficiencies and this round could be enough to secure its leadership in the rapidly growing digital market in Egypt.”, says Ziad Mokhtar, Managing Partner at Algebra Ventures.
The latest funding round also drew participation from Tarek Sakr and Hamad Al Homaizi, who are both prominent entrepreneurs most notable for having partially exited 4Sale, the leading Kuwait-based classifieds platform to NBK Capital last year.
The duo would be hoping to profit off of what is fast-becoming the leading food-tech startup in Egypt with a focus on personalizing food recommendations to users at the dish-level through digitized restaurant menus, reviews, and photos via its online food discovery and ordering platform.
“We believe our success as a startup is a combination of innovatively solving the right user problems, great team, and laser-focused execution. We have been able to grow the market in Egypt and accomplish great milestones very efficiently, we are excited about what we will do with this additional funding and the support of Global Ventures coming on board as we continue to scale across Egypt and help millions of more users to discover and order the food they will love,” states Amir Allam, Founder of Elmenus.
Egypt’s food discovery/ordering/delivery scene appears to be one of the most active on the African continent with a number of vibrant players including Uber Eats, Carriage, and Otlob.
With the latest investment, Elmenus seems to be strengthening its grip on a market that recently lost one of its bigger players in Glovo.
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