Cairo-based Dark Sore Grocery Delivery startup Appetito, has raised $2M in its latest funding round. The Pre-Series A round was led by 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 offices some of which had previously invested in similar grocery startups namely Jiffy in U.K and Chaldal in Bangladesh. The company had previously raised a seed round of almost $500k earlier in April.
The company currently operates 7 dark stores in Cairo and plans to expand to 150 stores by 2024.
Commenting on the size of the opportunity, Founder and CEO Shehab Mokhtar said “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.”
