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Tuesday, 27 July 2021

GoodsMart gets funding, HOF looks at South Africa

Online grocery shopping service GoodsMart has secured USD 3.6 mn in funding in a round led by Sawari Ventures. The company will use the proceeds to grow its presence across the local market with a view to expanding its services to East Cairo in the coming months, according to a press release (pdf). The funding will also go towards expanding the GoodsMart team.

The company had previously secured investments from Algebra Ventures, raising USD 750k in 2017, and a follow-on investment in 2019.

GoodsMart is a household shopping app that delivers groceries to a pre-installed box at customers’ doorstep. The company says it has added more than 100 suppliers, hired new staff and added a marketplace section in the past two years.

OTHER STARTUP NEWS- Onsi Naguib Sawiris-led VC firm HOF Capital took part in South African payments platform Yoco’s USD 83 mn Series C funding round. The VC firm has invested an unnamed sum in South African e-payments and software platform, Yoco, alongside the likes of Breyer Capital, The Raba Partnership and 4DX Ventures, according to a press release (pdf). Funding from this most recent Series C round will be put towards growing Yoco’s business platform and launching its cross-border services.

Background: Yoco has so far raised some USD 107 mn since its founding, from investors like Partech, Velocity Capital Fintech Ventures, Orange Ventures and Quona Capital. HOF Capital’s current portfolio includes investments in Alibaba, Uber, UiPath, Klarna and Stripe.

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