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Sunday, 11 June 2017

Elmenus closes USD 1.5 mn series A from Algebra Ventures

INVESTMENT WATCH- Food discovery platform Elmenus has closed a USD 1.5 mn Series A funding round with an investment from Algebra Ventures, the company said in a statement (pdf). Our friends at Elmenus will use the funding “to build new features that facilitate for users to order their food online and will continue focusing on solving the bigger problem of dining decisions; using an AI-powered food recommendation engine on top of a social and visual experience that will help users make the best dining decision, every time,” said CEO Amir Allam. Algebra’s Ziad Mokhtar, who will join the company’s board of directors, said, “Considering that prior to our investment, Elmenus had seen only USD 60k in funds invested, the traction they’ve achieved — in terms of users, revenues, content — is impressive. With this investment, Elmenus is well-poised to grab a substantial stake in the digital food space which is dominated globally by the likes of Just Eat, Zomato, and Delivery Hero.”

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