Back to the complete issue
Tuesday, 2 February 2021

Former Just Eat CEO invests in Elmenus, joins board

Elmenus has landed an undisclosed investment from former Just Eat CEO David Buttress, who will join the board of the Egyptian food delivery platform, it said in a statement (pdf) yesterday. Buttress (bio), now a partner at VC outfit 83 North, has invested a “relatively significant” amount in the company, he told Bloomberg. Buttress is investing his personal funds in the business. Over the next 18 months, Elmenus will use the investment to expand its market footprint by recruiting 4k new drivers and enhancing its social and personalized services. The company currently enjoys a 20% market share.

Boom time for Egypt’s food market: Buttress expects Elmenus to see 10x revenue growth this year following a solid 2020 thanks to the pandemic, which saw the company triple its top-line. “The Egyptian market is big and has a lot of potential to expand,” he told Bloomberg. Prior to the latest investment, the company had attracted USD 10 mn in funding, including an USD 8 mn series B round last year from Algebra Ventures and UAE-based Global Ventures. Congrats to Amir and the whole team at Elmenus.


Elmenus wasn’t the only Middle Eastern food startup to receive a shot in the arm: Saudi food tech startup Foodics has secured USD 20 mn in a series B funding round led by the kingdom's sovereign wealth fund, it announced yesterday. The restaurant management software company will use the windfall to grow its market share, chase new markets, and expand its footprint in fintech. The company launched in Egypt last year after raising USD 4 mn in a pre-series B round.

UAE adtech startup ArabyAds has acquired influencer marketing agency Dmenta for an undisclosed sum, the company announced in a press release (pdf) on Sunday. Both companies — which are based in Dubai — have offices and operations in Egypt.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.