elmenus witnessed a 3x growth in 2020 since delivery increased drastically in light of the Covid-19 challenges
The former CEO of Just Eat, David Buttress, has invested his own money into one of Egypt’s main food technology (foodtech) and online ordering platform elmenus, as he looks to tap into the market’s growth and expansion potential.
“The Egyptian market is big and has a lot of potential to expand” as more customers switch from calling eateries directly to using apps, Buttress, now a venture partner at venture capital firm 83North Ltd., said in a video interview.
Buttress led Just Eat until its merger with Takeaway.com, managing global acquisitions and investments including the acquisition of MenuLog in Australia for $855 million and taking a majority stake in Brazil’s iFood.
The delivery app elmenus’ exponential growth this past year has been quite remarkable. It has been owning the food discovery approach, making it the stronger partner to restaurants as it provides them with more than just online ordering services, he added.
Founded in 2011 by CEO Amir Allam, elmenus transformed from a restaurant directory to one of the most popular online ordering platforms in the country in 2018.
“As we aim to become the go-to food app for all dining decisions, and a partner of choice to restaurants to help them solve their scaling challenges in the Mena region, I believe David’s insights and exceptional record will play a vital role in accelerating our growth and guiding elmenus in acquiring a significant share of the market. We are very excited to be working with an industry veteran like David. His belief in our vision is a grand testament to us,” said Allam.
The company has recently raised $8 million in its Series B funding round, led by UAE-based venture capital fund, Global Ventures and Egypt-based Algebra Venture.
“While elmenus witnessed a 3x growth in 2020 since delivery increased drastically in light of the Covid-19 challenges and more restaurants outsourced their delivering operations, the company is expected to grow 10x in 2021 as it upscales its product and restaurant offerings. It is an exciting time in the company’s evolution,” added Buttress.
Buttress’s elmenus investment, the size of which he wouldn’t disclose, is his first in the region, which he describes as a “maturing market” for food-oriented tech firms. “There is still a lot of growth to achieve there,” he said, singling out Turkey as “super-exciting.” Sub-Saharan Africa also has investment potential, he said, adding that he’d looked at Kenya and Nigeria.
Egypt, where people can make a phone call to procure a single cup of coffee, a banquet or even a blood test, has obvious appeal for delivery apps. Just 6 percent of the country’s food orders are currently made online, Buttress said. All the same, foreign brands have struggled, with Uber Eats and Glovo both pulling out last year.
