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Egyptian grocery startup Appetito raises $450K in seed round

Launched in early 2020, Appetito operates through a dark stores model, where products are sourced from manufacturers, and stored in mini fulfilment centers

By: Business Today Egypt

Mon, Apr. 19, 2021

Egyptian grocery startup, Appetito, revealed that they have secured $450,000 from a seed funding round by a group of Saudi Angel investors.

Recently launched in early 2020, Appetito operates through a dark stores model, where products are sourced from manufacturers, stored in mini fulfilment centers then delivered to household customers, providing next day and pre-scheduled deliveries.

Appetito currently serves all the areas of Cairo, Giza, and Alexandria.

The round was led by Ahmed Al Alola, an early-stage investor who was one of the early backers of Nana and Sary, alongside the Afropreneurs Fund, an African early-stage technology fund that has previously backed top startups such as Andela, Flutterwave and Trella.

The round also saw participation from Jedar Capital, an emerging VC focusing on early stage startups in the Middle East, Africa & Emerging Asia.

Appetito Founder and CEO Shehab Mokhtar stated that "we're proud of what we have achieved in just a few months from our launch. We're privileged to have such prominent investors backing us. With their support and the team we're building, I'm confident we will be in a leading position in the global race of grocery delivery”.

The startup has recently expanded its product portfolio to include more than 1000 SKUs from well-known consumer brands and entered the hyper convenience race by offering its customers less than 60-minute delivery in selected areas.

In a statement, Ahmed Al Alola stated “Observing the radical change in consumer’s behavior post-COVID-19, the grocery delivery market is expanding rapidly in the region. I believe Appetito – with its stellar team - is well positioned to lead that segment and capture the market by delivering superior experience compared to what is currently available in most of the African space.”