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Wednesday, 3 November 2021

Delivery startup Appetito raises USD 2 mn pre-seed funding

Cairo-based grocery delivery startup Appetito has raised USD 2 mn in pre-series A funding, the company said in a statement (pdf) last night. The round was led by US VC firm Jedar Capital and featured participation from Ghanaian investment company Golden Palm Investments, Africa-focused VC DFS Lab and a number of angel investors. Jedar contributed to the company’s funding round earlier this year, which saw it raise USD 450k from a number of angel and venture investors.

About Appetito: 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. Appetito currently operates seven dark stores and has ambitions to expand to 150 by 2024. Over the past 12 months, the company has grown revenues and the number of orders 10x.

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