The new round makes elmenus’ total capital to date at $20 million. Luxor Capital’s investment also marks its first-ever investment in MENA
Egyptian food discovery turned delivery platform elmenus recently raised $10 million in a new funding round led by Fawry, with New York-based hedge fund Luxor Capital, and Egyptian property developer Marakez also participating.
The new round makes elmenus’ total capital to date at $20 million.
Luxor Capital’s investment also marks its first-ever investment in MENA.
“Attracting new investment from Fawry, Luxor Capital and Marakez – following the endorsement of industry veteran, David Buttress, earlier this year – validates elmenus’ unique strategy,” said elmenus’ founder and CEO Amir Allam in statement.
For Fawry, the investment is part of a new strategy to acquire minority stakes in fast-growing Egyptian startups, and will work closely with elmenus to further develop solutions for restaurants and consumers in Egypt.
elmenus contends mainly with international applications, after Egyptian Otlob was bought out and rebranded to Talabat a Dubai-based company.
“We are accelerating the adoption of online ordering by users while enabling restaurants with new verticals – to help them scale. This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market,” added Allam.
According to the statement, elmenus will be using the funds to expand their operations and convert their database of several million users to online ordering, expecting to empower 12,000 restaurants with new data and tool offerings to help them scale their businesses by the end of 2021.
Earlier this year, elmenus received a personal investment by former CEO of Just Eat, David Buttress.
“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,” said Buttress at the time.
