Leading food-tech startup in Egypt, elmenus recently raised $8M in their latest Series B funding round. The funding round was led by Global Ventures, a venture capital fund based in the UAE that focuses on enterprise technology solutions across the Middle East and Africa region, and Algebra Ventures, the leading technology VC in Egypt. Also, there was participation from Tarek Sakr and Hamad Al Homaizi, both prominent entrepreneurs that partially exited 4Sale, a Kuwait-based classifieds platform last year.
If this is your first time hearing of elmenus, then let us tell you a bit about them. Elmenus is a food-tech startup based in Egypt that was founded in 2011 by CEO Amir Allam. The startup is focused 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, available on App and website.
The online food delivery space in Egypt is still a gravely untapped market, and only a staggering 4% of total food delivery orders are processed online. With elmenus main competitors being phone orders, changing the mindset and culture in Egypt is a challenge. But with the size of the Egyptian market, we expect to see great things from elmenus. With their unique AI-powered food recommendation engine and fully automated online ordering platform, elmenus is well on its way to disrupt and dominate the market and serving approximately 1.2 million monthly active users across Cairo.
“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.
This is not the first time that Algebra Ventures has added to elmenus capital as they invested $1.5 million in Series A round back in 2017. It comes to no surprise that they were eager to invest in the startup again this year as elmenus achieved great successes so far, from launching online ordering operations and recently its fleet service, scaling from 20 to 200 employees, and double-digit growth monthly.
“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 their first raise of $1.5M, 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.