Egyptian online grocery service GoodsMart has secures additional funding from Algebra Ventures as it prepares to raises its Series B round on the back of strong growth.
GoodsMart allows customers to browse thousands of premium grocery and home products from a variety of shops and suppliers, place orders, and have goods delivered to their door.
Algebra Ventures, a US$50 million Cairo-based venture capital fund that has invested in a host of early-stage technology companies in Egypt and the MENA region, including Eventtus, elmenus, Halan and FilKhedma, invested US$750,000 in GoodsMart’s Series A round in 2017 and has now invested further as it prepares for a Series B round.
GoodsMart will use the investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.
“We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain awesome client experience,” said founder and chief executive officer (CEO) Amr Fawzi.
The funding comes on the back of GoodsMart achieving three-fold growth in the last six months and receiving positive customer feedback, with Fawzi attributing the product’s stickiness to a laser-like focus on customer experience and a company culture centred on user satisfaction.
“Client happiness is our goal. Every single person on the team works to push client satisfaction to unprecedented levels. This is clearly reflected in our customer testimonials and organic engagement on social media, and in our cohort retention rates of over 70 per cent a year in,” Fawzi said.
“GoodsMart is a uniquely innovative company with tremendous upside potential,” said Tarek Assaad, Algebra Ventures’ managing partner.
“Their customer-centric approach continues to deliver exceptional results. Since we made our first investment, Amr and his team have improved operational efficiency, added key members to the executive team, signed strategic partnerships, and strengthened the company’s technology platform. We’re delighted to continue supporting GoodsMart beyond our initial investment.”