Egypt based dark store grocery delivery startup Appetito raises USD 2 million in Pre-Series A round

Appetito, a Cairo-based Online Grocery Delivery startup, has raised USD 2 million in a Pre-Series A round led by Jedar Capital on 3 November 2021.

Investors: Jedar Capital,  a US-based early-stage VC focusing on MENA and Emerging Asia, led the latest round of funding with participation from Golden Palm investments, DFS Lab and a group of prominent angel investors and family offices.

The Objectives behind the funding: The company plans to deploy the current proceeds to expand from the current seven dark stores to 150 stores by 2024.

About Appetito

Founded in 2020 by Shehab Mokhtar, Appetito is an online grocery delivery platform to deliver food and grocery products. The company’s platform delivers daily fresh baked products, groceries, and a wide selection of savoury and sweet snacks, enabling customers to order and get staples at their doorstep. The startup currently operates seven dark stores in Cairo.

What the Founder has to say:

Commenting on the size of the opportunity, CEO and Founder Shehab Mokhtar said, “The grocery retail market size in Egypt is valued at $60 Billion. The fact that 2% of it is currently online creates a massive opportunity for growth betting on the younger generations as 50% of the Egyptian population are below the age of 25 years.”

What the Investors have to say:

“I am happy Jedar Capital is leading the current round after participating in Appetito’s previous Seed round. In the past 12 months, I was amazed by how Shehab managed to build an A-plus team and created a great company culture that pushed Appetito the past 12 months to grow significantly more than 10X in terms of number of orders and revenue. Quick commerce/fast grocery delivery business model has been gaining grounds regionally and globally, and I look forward to Appetito’s next phase as they expand to cover more areas in Egypt and start planning for regional growth.” – Sherif Nessim, General Partner at Jedar Capital.

“As the global trend toward contactless, instant and personalized consumer goods continues to accelerate, Appetito is providing the Egyptian market with a differentiated grocery e-commerce service. Shehab and team are the first digital grocery service to utilize the “dark” store model for hyper-local delivery directly to consumer doorsteps. Golden Palm is thrilled to support Appetito’s innovative approach to owning the supply chain and guaranteeing item availability for consumers.” — AJ Okereke, Partner at Golden Palm.

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