Egypt: Online food company receives additional investment
Posted on: 28 April, 2020 at 7:10 PM
Egyptian foodtech company Mumm has closed a pre-series A bridge round from the Alex Angels investment fund. The startup is an online marketplace that delivers homemade food to individual customers as well as businesses.
Commenting on the deal, Tarek Nasr, deal lead investor of Alex Angels said, “As we continue to close more deals this year, we believe that the current situation the whole world is witnessing due to the COVID-19, is an opportunity for startups to come up with solutions that can help people maintain their normal life and generate income while at home. Although it is risky for investors to put more cash into seed-stage companies in these times, certain sectors will find opportunities to thrive if they can stay afloat during these tough times. We believe Mumm is well situated to strive.”
Initially launched as an online marketplace for customers to access food conveniently, Mumm has grown to become a virtual cafeteria for corporate and SME offices, delivering company orders in bulk, thus saving money for employees.
The startup had previously raised a seed investment in 2016 from Egyptian venture capital investor A15, and later in 2017 closed a $200,000 round from 500 Startups.
“The market today needs businesses to be agile more than ever. Given the distributed network of kitchens we have built through the past years, today, we are well situated to grasp the opportunity of increased demand on food delivery whether to consumers today or to offices when teams are back to their work premises,” said Waleed Abd El Rahman, CEO of Mumm.
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