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ArabFinance: Cairo-based grocery delivery startup Appetito has raised $2 million in its latest funding round, the company announced in a statement.
The round was led by y Jedar Capital, a US based early-stage VC focusing on MENA and Emerging Asia, with additional participation from Golden Palm investments, DFS Lab and a group of prominent angel investors and family officessome of which had previously invested in similar grocery startups namely Jiffy in U.K and Chaldal in Bangladesh.
In April, the company raised $500,000 in a seed round.
The grocery retail market size in Egypt is valued at $60 Billion. The fact that 2% of it is currently online, creates a massive opportunity for growth betting on the younger generations as 50% of the Egyptian population are below the age of 25 years, Shehab Mokhtar, Founder and CEO of Appetito, commented.
Established in 2020, Appetito is an online platform offering next-day or pre-scheduled grocery and home supply deliveries in Cairo, Alexandria, and Giza.
The company is currently operating seven dark stores in Cairo and plans to expand to 150 stores by 2024.
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