Grocery app Appetito secures USD 450k in funding
Cairo-based grocery-delivery startup Appetito has secured USD 450k in seed funding to be put towards its product portfolio expansion, according to a press release (pdf). The round was led by Saudi Angel investor Ahmed Al Alola along with Africa-focused VC Fund Afropreneurs, and MENA-focused VC Jedar Capital. Established in March 2020, Appetito is an online platform offering next-day or pre-scheduled grocery and home supply deliveries in Cairo, Alexandria, and Giza. The Egypt-focused startup relies on dark stores — miniature warehouse-adjacent spaces, whose sole purpose is to pack online orders for delivery to households — and plans to capitalize on shifting consumer behaviour post covid-19 to secure “a leading position in the global race of grocery delivery,” according to founder and CEO Shehab Mokhtar.
ALSO IN STARTUP LAND-
** PSA: High-growth, early-state tech startups can now apply to the Falak Startups accelerator program year-round, after the government-backed accelerator restructured its model, according to a press release (pdf). Falak also raised its ticket size to up to EGP 2 mn for its startups in a bid to bridge the funding gap between seed-stage startups and series A investors, while providing mentorship and support to these businesses. Falak’s accelerator is supported by venture capital firm Egypt Ventures and the International Cooperation Ministry.