ON Market, an e-grocery marketplace has successfully raised $215,000 from regional angel investors led by Yasser AlGhamdi. The funding will support the startup in expansion across major cities, Cairo, Alexandria, Tanta, Mansoura, among others, in addition to scaling their tech solutions.
Founded in June 2020 in Tanta, by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk, and graduated from the AUC Venture Lab’s acceleration program in 2021, ON Market empowers grocery retailers with tech solutions to build and sustain online commerce. Simultaneously, they connect customers through their app with grocery retailers surrounding them enabling them for the first time in the market to order from multiple retailers in a single order.
About how they see their future opportunities in the market, Moatasem says, “the grocery market in Egypt is valued at around $35 billion and expected to grow from 15% to 20% over the next three years. That market isn’t yet fully disrupted, and it’s our chance with our team, retailing partners, and investors to change that, before expanding to MENA’s $200 billion markets.”
