GoodsMart, a Cairo-based online grocery startup, has raised an extra $3.6 million in funding backed by Sawari Ventures to help it expand its market.
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The money will be used by GoodsMart to expand its workforce and accelerate its growth across the market. After successfully closing multiple transactions with various suppliers and real estate developers, GoodsMart is currently covering West Cairo and will be extending to East Cairo in a few months.
“We started in 2014 with a vision to re-invent grocery shopping. Our biggest success is the emotional bond we managed to create with our clients.; listening to them was and will always be the secret recipe.” Amr Fawzi, the CEO and Founder of GoodsMart stated.
Why The Investor Invested
“The demand for online grocery delivery has been exponentially increasing,” said Hany ElSonbaty, Managing Partner at Sawari Ventures. “GoodsMart has managed to disrupt the market by providing a seamless innovative solution for consumers that will shape the future for this sector.”
Sawari Ventures, recently closed its Egyptian fund with new commitments totaling $28 million (EGP 440 million) from Misr Insurance Company, Kuwait Investment Authority’s Ekuity, National Bank of Egypt, Banque Misr, Banque du Caire, and Suez Canal Bank. The fund previously raised $41 million (EGP 650 million) from the European Investment Bank and a number of development finance agencies, including the CDC in the United Kingdom, Proparco in France, and the Dutch Good Growth Fund. It brought the fund’s overall value to $69 million (EGP 1.09 billion). Only Egyptian startups would be considered for investment under the new fund.
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A Look At What GoodsMart Does
The startup began as a grocery shopping app with an unattended delivery service in 2014. Unlike most online grocery businesses in the region, GoodsMart’s business strategy is unique in that it allows homes to join up and receive food on a regular basis, delivered to their doorstep in a pre-installed box. Clients place their orders before 9 p.m., and when they wake up the next morning, they will find them in the pre-installed box. They can also tailor the frequency of their deliveries and order groceries from a variety of vendors.
The team has been working hard for the past two years to improve their premium domestic shopping experience, making it smart and convenient for the entire family. Over 100 new suppliers have been added, as well as a marketplace section and a slew of new features such as recurring orders and the opportunity to establish multiple user accounts per household.
GoodsMart grocery GoodsMart grocery
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer